The last point I’ll make is that when coming up with examples for non-financial uses, Armstrong did immediately go to decidedly financial examples: “Things like stablecoins for payments, DeFi, NFTs, these have already gotten substantial traction. But I think with Layer 2 solutions coming online, these can get much, much bigger,” he said. Source
Coinbase CEO Brian Armstrong says the rise of on-chain activities on its new layer-2 network Base has exposed how “broken” the Coinbase app is for user experience, and has pledged to improve it. In an X (Twitter) post on Aug. 13, Armstrong said a number of pain points have surfaced during “Onchain Summer” — a multi-week festival of product launches, brand activations, and non-fungible token reveals on Base that began on Aug. 9 and runs until Aug. 31. One thing #OnchainSummer is exposing is just how broken our UX is in…
Digital asset expert and Vertalo CEO Dave Hendricks discusses a variety of trending topics, including PayPal, Bitcoin ETFs, the U.S. Securities and Exchange Commission (SEC) and the tokenization of art. What was your reaction to PayPal’s recent announcement regarding the launch of a new stablecoin built on the Ethereum blockchain? Hendricks: Truly algorithmic stablecoins capable of real-time valuation and presentation are an existing innovation in capital formation, preservation, and settlement of transactions. Obviously, all stablecoins require substantial computing power and for them to be trusted they should be issued and…
Grayscale Investments CEO, Michael Sonnenshein, highlighted a potential negative outcome for the United States economy if the Securities and Exchange Commission (SEC) continues to take a one-by-one approach to regulating the cryptocurrency industry. During a recent interview with Fox Business, Sonnenshein expressed that the SEC could drive crypto firms out of the country by constantly resorting to enforcement actions against the industry. “If every crypto issue needs to go to a court of law, then as a country, we are squashing the innovation taking place here,” Sonnenshein stated. Grayscale CEO…
Obviously I’ve written about this before, and so I’m not going to get too deep into it now, but here are the highlights: Bankman-Fried is accused of violating his bond conditions in trying to tamper with multiple witnesses as well as allegedly other shady behavior. The Justice Department says that he has abused his privilege in being allowed to spend his pretrial time at his parents’ home, and therefore, it wants to put him back into custody. Source
The United States Securities and Exchange Commission (SEC) has announced an agreement with crypto trading platform Bittrex and co-founder and former CEO William Shihara for operating an unregistered exchange. In an Aug. 10 notice, the SEC said Bittrex and Bittrex Global agreed to pay $14.4 million in disgorgement, $4 million in prejudgment interest, and $5.6 million in civil penalties to settle the legal dispute with the federal regulator. The agreement is still subject to court approval. “For years, Bittrex worked with token issuers to ‘scrub’ their online statements of any…
“For us, it is your first and last legal name, your phone number, your email address, and we run you through sanction screening,” Mintz explained. “You also have to verify you own the wallet address being provided personally, and you’re not sending bitcoin to a third party.” Original
ParaFi Capital, Framework Ventures, and 1kx have jointly filed a lawsuit against Curve Finance CEO Michael Egorov, asserting claims of misappropriation of trade secrets and confidential information. The case was filed in the Superior Court of California, San Francisco. The venture capital (VC) firms allege that Egorov used the information to develop a competing project, CRV.finance, without their permission. They also claim that Egorov tried to prevent them from investing in CRV.finance by misrepresenting the project’s risks. This is the latest in a series of legal troubles for Curve Finance. In…
Circle’s CEO, Jeremy Allaire, unveiled that approximately 70% of USDC adoption occurs outside the United States. Despite the perception that USDC primarily caters to the US market, emerging economies and developing regions emerge as strongholds for this stablecoin. Allaire stated that an estimated 70% of USDC adoption is non-US, and some of the fastest-growing areas are emerging and developing markets. Despite the hype that we’re all about the US, we estimate that 70% of USDC adoption is non-US, and some of the fastest growing areas are emerging and developing markets.…
ARK Invest CEO Cathie Wood has sparked speculation with her recent prediction that the United States Securities and Exchange Commission (SEC) may potentially grant approval for multiple Spot Bitcoin exchange-traded funds (ETFs) simultaneously. Deviation From The Norm For Spot Bitcoin ETFs In a recent interview with Bloomberg on August 7, Cathie Wood shared her insight that the SEC might opt for a groundbreaking strategy by approving more than one Bitcoin ETF at the same time. Wood’s assertion, “I think the SEC, if it’s going to approve a Bitcoin ETF, will…