Month: June 2023

SEC’s Gensler claims ‘parallels’ between Binance and FTX, yet one wasn’t sued

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The United States securities chair has hinted at “parallels” between crypto exchange Binance and collapsed exchange FTX — namely their alleged use of sister firms to move funds.  Speaking to Bloomberg on June 6, the U.S. Securities and Exchange Commission chair Gary Gensler, pointed to FTX’s alleged fraud and manipulation regarding its sister firm Alameda Research, including the alleged role that its founder Sam Bankman-Fried played in it. SEC’s Gary Gensler speaking with Bloomberg’s David Westin. Source: Bloomberg “There’s a business model that bundles and commingles functions that we don’t…

Jack Dorsey courts controversy by claiming ETH is a security

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Long-time Bitcoin (BTC) advocate Jack Dorsey has found himself in a Twitter war with several crypto industry pundits after he responded with “yes” to a question asking if Ether (ETH) was a security. The comment caught the attention of Udi Wertheimer, a Bitcoin Ordinals developer at Taproot Wizards, who inferred Dorsey was a “clown” in a tweet on June 6. In response, Dorsey tweeted “ETH is not a security? Teach me wizard,” which prompted Wertheimer to share a five-year-old video of the United States Securities Exchange Commission (SEC) chair Gary…

JP Morgan partners with six Indian banks for blockchain-based interbank dollar settlements

JP Morgan Chase & Co. has partnered with six Indian banks to launch a blockchain-powered platform for settling interbank dollar transactions in India’s emerging international financial center.  The pilot program commenced June 5 and is expected to run for several months, as stated by Kaustubh Kulkarni, the senior country officer at JP Morgan. 24/7 transactions India’s ambitious Gujarat International Finance Tec-City (GIFT City) is emerging as a contender against global financial hubs like Singapore and Dubai. In a strategic move, the Reserve Bank of India (RBI) has allowed banks operating…

SEC, Gensler-themed memecoins surge amid Binance and Coinbase lawsuits

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A number of memecoins drawing their likeness from the United States Securities Exchange Commission (SEC) and its chair Gary Gensler have seen a sharp spike in price following the regulator’s lawsuits against crypto exchanges Coinbase and Binance. One such token is Good Gensler (GENSLR) which rallied more than 260% in the hours following the regulator’s complaint against Coinbase for offering unregistered securities on June 6. Good Gensler (GENSLR) weekly price chart. Source: CoinMarketCap. Good Gensler currently sports a total market capitalization of around $3.2 million. In the last 24 hours,…

Apple confirms acquisition of AR startup Mira following Vision Pro launch: Report

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Just a day after launching a new virtual reality (VR) product line, Apple Vision Pro, the tech giant confirmed the acquisition of Mira, an augmented reality startup that provides hands-free, smartphone-powered headsets. On June 7, The Verge reported Apple’s latest acquisition was revealed through a private Instagram post shared by Mira CEO Ben Taft, which Apple later confirmed as accurate to the outlet. Expected to hit the market in early 2024, Apple Vision Pro stands as the most expensive mixed-reality gear — currently priced at $3,499. While Vision Pro comes packed…

Meta’s Zuckerberg grilled by senators over ‘leak’ of LLaMA AI model

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Two United States senators have questioned Meta chief executive Mark Zuckerberg over the tech giant’s “leaked” artificial intelligence model LLaMA which they claim is potentially “dangerous” and could be used for “criminal tasks.” In a June 6 letter, U.S. Senators Richard Blumenthal and Josh Hawley criticized Zuckerberg’s decision to open source LLaMA and claimed there were “seemingly minimal” protections in Meta’s “unrestrained and permissive” release of the AI model. Meta released its advanced AI model, LLaMA, w/seemingly little consideration & safeguards against misuse—a real risk of fraud, privacy intrusions &…

SBF upset by criminal trial’s late evidence while FTX seeks sale of AI stock

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Former FTX CEO Sam Bankman-Fried claims prosecutors have missed discovery deadlines for key pieces of evidence required in the defense of a raft of fraud charges. On June 5, Bankman-Fried’s lawyers told United States District Judge Lewis A. Kaplan in a letter that the government had not turned over all of the contents of five electronic devices that were due for discovery by the end of March. A laptop and iPhone belonging to former Alameda Research CEO Caroline Ellison and a laptop belonging to FTX co-founder Gary Wang were among the…

SEC’s Gensler expresses concern over Binance and Coinbase

SEC chair Gary Gensler, in a recent interview on CNBC, raised alarm over the alleged non-compliance of leading cryptocurrency exchanges, Binance and Coinbase, with U.S. securities laws. In a recent appearance on CNBC’s Squawk Box, Securities and Exchange Commission (SEC) chair, Gary Gensler, voiced concerns regarding the alleged non-compliance of popular cryptocurrency platforms, Binance and Coinbase, with U.S. securities laws. These platforms are currently facing lawsuits filed by the SEC, accusing them of operating as unregistered securities exchanges. Gensler emphasizes his belief that these cryptocurrency exchanges have been sidestepping U.S.…

US House Agriculture Committee holds hearing on crypto regulation amid SEC lawsuits

Amid recent lawsuits by the Securities and Exchange Commission (SEC) against cryptocurrency exchanges Binance and Coinbase, the House Agriculture Committee convened a hearing to discuss the regulation of cryptocurrency spot markets. In the wake of lawsuits filed by the Securities and Exchange Commission (SEC) against prominent cryptocurrency exchanges Binance and Coinbase, the U.S House Agriculture Committee convened on June 6 for a twin panel hearing on the regulation of cryptocurrency spot markets. Leading off the proceedings, Chair of the Commodity Futures Trading Commission (CFTC) Rostin Behnam fielded questions from lawmakers,…

SEC lawsuits squeeze net worths of Coinbase and Binance CEOs

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The net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao (CZ) have suffered heavy blows due to recent lawsuits by the United States securities regulator. Armstrong’s net worth was slashed by $289 million and Zhao’s by $1.33 billion within a span of 30 hours after the Securities Exchange Commission (SEC) sued Binance on June 5 and then Coinbase on June 6, according to data from the Bloomberg Billionaires Index and Forbes. Zhao — the richest man in the crypto industry and the 54th richest person overall —…