Day: July 14, 2023

It’s time for the SEC to settle with Coinbase and Ripple

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In every major litigation, there comes a moment when you realize it’s time to settle. A ruling doesn’t go your way, a juror gives your legal team the side eye, the judge makes it clear it’s time for a settlement conference. After Judge Analisa Torres’ decision in SEC v. Ripple, the time has come for the United States Securities and Exchange Commission to settle the remainder of its case against Ripple Labs — as well as its case against Coinbase. The SEC’s attack on crypto has used a flexible legal…

Former Celsius CEO Mashinsky to be released on $40m bail

Alex Mashinsky, the former CEO of Celsius Network, is set to be released on bail following his arrest and fraud charges on Thursday, July 13. Mashinsky has agreed to a $40 million personal recognizance bond, which must be signed by his wife by Friday, July 14, and by another financially responsible individual before July 21, who is yet to be identified. A release based on promise Following his arrest, a U.S. district court judge granted Mashinsky bail. In the agreement, Mashinsky must surrender his travel documents to authorities and is…

Coinbase pauses staking services in four US states following regulators’ orders

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United States-based cryptocurrency exchange Coinbase has announced it will be temporarily stopping customers from staking additional assets in four states amid legal proceedings from local regulators. In a July 14 blog post, Coinbase said users in California, New Jersey, South Carolina, and Wisconsin would be restricted from using certain staking services until further notice. Following the U.S. Securities and Exchange Commission filing a lawsuit against the crypto exchange in June for offering unregistered securities, regulatory bodies in 10 U.S. states started their own legal proceedings, prompting the suspension of certain…

Token hoarders defeat the purpose of most DAOs: Study

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A pair of researchers from the University of Texas at Austin and Princeton University conducted a study to determine how tokenization affects decentralization in decentralized autonomous organizations (DAOs). Their findings indicate that many of the challenges to autonomy are related to the reasons individual users have for participating.  According to their research, the larger a DAO grows, the more incentive participants have to consider DAO tokens investments: “The presence of investors diverts the subsidy away from users and thus harms their participation. More importantly, investors may even take a majority…

Cardano price turns bullish, but is there substance to the ADA rally?

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Cardano experienced a remarkable price surge of 23.9% on July 13, leaving investors curious about the potential for further gains. This significant rally comes on the heels of a favorable judicial decision regarding XRP (XRP), leading many to question if Cardano (ADA) has what it takes to break above the $0.40 mark. Cardano 1-day price in USD at Coinbase. Source: TradingView There are three reasons to support Cardano’s bullish momentum, including its potential to integrate other blockchains, increased activity in decentralized applications (DApps) and the decreased regulatory risk, although the latest XRP…

Ethereum scaling protocols drive zero-knowledge proof use: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. This week, Finance Redefined looks at the growing popularity of zero-knowledge proof-based scalable solutions. Zero-knowledge rollups (ZK-rollups) technology has gained a lot of traction over the past year thanks to its increased use in the Ethereum ecosystem. Bug bounties are seen as a great reward system for white hat hackers to weed out bugs in the DeFi ecosystem, which often fall prey…

BlockFi CEO ignored risks from FTX and Alameda exposure, contributing to collapse: court filing

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Zac Prince, the CEO of bankrupt cryptocurrency lending firm BlockFi, allegedly disregarded recommendations from the company’s risk management team over lending assets to Alameda Research.  According to a July 14 filing with United States Bankruptcy Court for the District of New Jersey by the unsecured creditors’ committee, BlockFi’s risk management team reported on the “high risks” associated with lending assets to Alameda. Prince allegedly dismissed concerns from the team on BlockFi lending Alameda $217 million by August 2021. The team suggested there could be risks should the FTX Tokens (FTT) used to…

Could the Ripple XRP Ruling Spell the End of the SEC’s Regulation by Enforcement?

The SEC and those who support its approach are likely concerned that this no-good, very bad day becomes no-good, very bad days. A string of court losses with similar legal reasoning as yesterday’s ruling in the Ripple case would weaken anti-crypto Democrats’ negotiating hand further. One takes this risk when placing all their betting chips on a novel legal strategy. When you lose, you lose significantly, and the other side of the debate understands that your negotiating leverage worsens by the day. Source

Solana DeFi Lender MarginFi Attracts Record Growth, Airdrop Farmers

One token that keeps hitting the max is bSOL, the LST issued by Solana validator service SolBlaze. The 5,000 bSOL tokens currently deposited on MarginFi represent nearly 7% of all bSOL tokens in existence; even more are waiting on the sidelines, said the pseudonymous founder of SolBlaze (who goes by SolBlaze). The founder is cutting trading deals across Solana DeFi to increase bSOL’s prominence, and thus its liquidity, and therefore its caps on MarginFi. Source