Tag: Report

Crypto Exchange Binance Approached SEC Chair Gary Gensler in 2018 To Offer Advisory Position: Report

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The world’s largest crypto exchange, Binance, reportedly recruited current U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler for an advisory role back in 2018. According to the Wall Street Journal (WSJ), Binance employees approached Gensler when he was a professor at the prestigious US university, Massachusetts Institute of Technology. Chats viewed by the WSJ show that a Binance staffer believed that Gensler would likely be “back in a regulator’s seat if Dems win the 2020 election.” Per the report, Gensler declined the advisory position but offered Binance licensing strategies.…

US lawmakers planning to reintroduce bill aimed at fixing crypto reporting requirements: Report

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A group of United States lawmakers is reportedly planning to reintroduce legislation to change the reporting requirements for certain taxpayers involved in crypto transactions. According to a March 7 report from Punchbowl News, Representatives Patrick McHenry and Ritchie Torres plan to reintroduce the Keep Innovation in America Act. McHenry was one of the leading voices behind the previously proposed bill in an effort to change the definition of a broker as defined in the U.S. infrastructure law — President Joe Biden signed the legislation in November 2021. Under a draft…

Impact of the Silvergate collapse on crypto — Watch The Market Report live

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This week on The Market Report, the resident experts at Cointelegraph discuss all the details regarding Silvergate and its impact on the crypto market so far. We kick things off with this week’s top stories Bitcoin traders eye $19K BTC price bottom, warn of ‘hot’ February CPI It could be a testing few weeks for Bitcoin and risk assets, market commentators say, with Fed Chair Jerome Powell due to kick off the triggers on March 8. Historically, March has not been a great month for Bitcoin (BTC), and 2023 seems…

Hong Kong’s losses to crypto scams doubled to $217M last year: Report

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Some countries worldwide suffered bigger financial losses to cryptocurrency scams despite a massive bear market in 2022. Losses from crypto scams in Hong Kong amounted to 1.7 billion Hong Kong dollars ($216.6 million) last year — surging 106% from a year before — according to local police. The number of crypto-related scams reported in Hong Kong in 2022 equaled 2,336 cases, surging 67% from 1,397 cases recorded by police in 2021, the South China Morning Post (SCMP) reported. Hong Kong scams involving crypto accounted for more than 50% of the 3.2…

Stablecoins have plentiful machine-payment use cases in absence of euro CBDC: Report

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Europe could lead the world in developing the Internet of Things (IoT) by harnessing the potential of stablecoins, the Digital Euro Association argues in a new report. Machine-to-machine (M2M) payment is a field poised for growth, and stablecoins, in particular, offer advantages for it, the report says. There are growing use cases for M2M micropayments in industrial and home or office settings, such as handling charges for shipping containers and other fees along a logistics chain and pay-per-use fees for 3D printing, cloud storage and many other services. Currently, these uses…

Babel wants to repay creditors via special ‘recovery coins’: Report

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Babel Finance, one of cryptocurrency lending firms shaken by the bear market of 2022, is exploring new restructuring opportunities involving minting a new token. Babel co-founder Yang Zhou is planning to build a new decentralized finance (DeFi) project in order to generate revenue to repay debts owed to creditors, Bloomberg reported on March 5. Called Hope, the potential DeFi project aims to mint a new stablecoin serving as a “recovery coin” for Babel, according to Yang’s restructuring proposal. Unlike major stablecoins like Tether (USDT) or USD Coin (USDC), Hope’s namesake…

Australian Crypto Regulations Likely to Be Delayed Until Mid-2024: Report

In a document dated August, three months after Anthony Albanese defeated the coalition administration of Scott Morrison, the Treasury reveals how some stakeholders might be disappointed with a “perceived delay in implementing a licensing regime” but viewed the concerns as “somewhat mitigated” by the collapse of several crypto companies and market crash earlier in the year. Source

Babel Finance Mulls Crypto-Backed Stablecoin to Repay $766M: Report

Babel is on the verge of filing a moratorium extension that would prevent creditors from making claims for at least six months, the report said. The filing alleges that co-founder Wang Li racked up $524 million in proprietary trading losses, with another $224 million being lost after lenders liquidated collateral that underpinned loans issued to Babel. Source