Tag: crypto regulation

Notes 7/13: A Revised Bill To Regulate Crypto, Ethereum’s Lido Problem

There’s a fresh attempt to regulate crypto afoot in Congress. Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) have proposed a new version of the bill they introduced last year. According to CoinDesk, the bill draws a demarcating line between securities and commodities. That might help settle a long simmering dispute between the Commodities Futures… Read More Notes 7/13: A Revised Bill To Regulate Crypto, Ethereum’s Lido Problem

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Notes 6/23: Tether Loses Peg At Binance.US As Bitcoin Price Blitzes Past $31,000, Crypto Derivatives Turn Bullish (Why?!), and TUSD’s News Cycle

Algorithmic stablecoin Tether has lost its peg at Binance.US as bitcoin price rallied past $31,000 this morning. According to data from crypto prices aggregation site CoinGecko, bitcoin price is trading at $31,152.69, up 3.5% from a day earlier, right now and Tether’s peg is intact at $1. There is a different story playing out at… Read More Notes 6/23: Tether Loses Peg At Binance.US As Bitcoin Price Blitzes Past $31,000, Crypto Derivatives Turn Bullish (Why?!), and TUSD’s News Cycle

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Notes 6/5: Bitcoin Price Crashes after SEC Filing Against Binance, Ethereum Staking

The end times are nearing for cryptocurrencies. The Securities and Exchange Commission (SEC) filed a case against Binance.com, the crypto world’s biggest exchange by trading volume, this morning. In response, crypto markets crashed. The magnitude of Binance’s operations became immediately evident. Bitcoin price, which had stayed above $27,000 over the weekend, fell below $26,000 after… Read More Notes 6/5: Bitcoin Price Crashes after SEC Filing Against Binance, Ethereum Staking

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Notes 4/19: SEC Chief Gary Gensler’s Congressional Hearing

There was a thaw in the crypto winter yesterday, a glimmer of celebration, cloaked in schadenfreude, at the House Financial Services Committee hearing yesterday. Securities and Exchange Commission (SEC) Chairman Gary Gensler, sometimes referred to as crypto’s favorite whipping boy, testified before the committee yesterday. Crypto twitter cheered when a group of Republican Congressmen laid… Read More Notes 4/19: SEC Chief Gary Gensler’s Congressional Hearing

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Is the Beaxy Case A Blueprint for Action Against Coinbase?

Will Coinbase become the next crypto entity targeted by regulators? The exchange was already served a Wells Notice by the Securities and Exchange Commission (SEC) last month.  Now, after the agency slapped charges against cryptocurrency exchange Beaxy, speculation is rife that Coinbase might be next in line. Beaxy was a little-known operation based in Illinois.… Read More Is the Beaxy Case A Blueprint for Action Against Coinbase?

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Notes 11/30: Bitcoin Price, Regulation

Bitcoin price is showing signs of life after remaining range-bound for most of last month, amid a widening crisis in the cryptocurrency ecosystem. The premiere cryptocurrency had been trading in the $15,000 to $17,000 price range as the contagion from crypto exchange FTX’s collapse claimed more victims. Inexplicably, it broke past the $17,000 mark this… Read More Notes 11/30: Bitcoin Price, Regulation

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Notes 11/15: FTX Tremors, GBTC Discount, and An Industry Fund

In a now famous Rolling Stone description of Goldman Sachs after the 2008 financial crisis, journalist Matt Taibbi compared the Wall Street titan to a “giant vampire squid wrapped around the face of humanity.” FTX may not have the same footprint as Goldman Sachs but its high profile within crypto has ensured that tremors of… Read More Notes 11/15: FTX Tremors, GBTC Discount, and An Industry Fund

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Can Proof of Reserves Bring Transparency to Crypto?

The barrage of news about FTX’s collapse means that it will take time to disentangle the many narratives emerging from it. But that hasn’t stopped many people from suggesting solutions to ride out the current crisis of confidence in crypto. One of those proposals comes from Binance chief Changpeng Zhao, an instigator of the current… Read More Can Proof of Reserves Bring Transparency to Crypto?

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Powell Reaffirms Aggressive Stance To Rate Hikes. What Does it Mean For Crypto?

Equities fell and crypto markets plummeted after Federal Reserve Chairman Jerome Powell reiterated his agency’s aggressive stance towards future interest rate hikes. The Dow Jones Industrial Average fell by 1.85% while the S&P 500 and Nasdaq Composite witnessed declines of 2.18% and 2.71% respectively immediately after the Fed’s speech. Bitcoin price fell by almost 5%… Read More Powell Reaffirms Aggressive Stance To Rate Hikes. What Does it Mean For Crypto?

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Notes 8/16: Crypto Banks

Establishing an interface with banks has been one of the biggest problems for cryptocurrency businesses in the last ten years. Bitcoin’s dubious utility, an absence of regulatory guidance and volatility in crypto markets has made mainstream banks wary of processing transactions that involve cryptocurrencies. Crypto companies have, instead, turned towards smaller institutions. Three banks –… Read More Notes 8/16: Crypto Banks

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Notes 8/12: Chandler Guo’s Crusade, the Tornado Cash Circus

Chandler Guo is what is known as an OG (Original Gangster, for the uninitiated) in crypto circles. A former beef salesman, Guo made his cryptocurrency millions by setting up a mining farm in Inner Mongolia and selling it for a massive payday during the asset class’s early days. He reportedly lives in a California mansion… Read More Notes 8/12: Chandler Guo’s Crusade, the Tornado Cash Circus

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SEC Wants More Information About Digital Assets Holdings From Hedge Funds

The Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) want to know more about trading strategies employed by hedge funds and their digital asset holdings, according to multiple reports this morning. The two agencies have approved a proposal that will change Form PF – filed by private funds – to require more… Read More SEC Wants More Information About Digital Assets Holdings From Hedge Funds

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Notes: 7/8: Voyager and Alameda, Celsius, and Grayscale ETF

Last month, as the crypto contagion was beginning to spread, FTX CEO Sam Bankman-Fried, who believes in “effective altruism”, talked about his “responsibility” to crypto with National Public Radio (NPR). “I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion,”… Read More Notes: 7/8: Voyager and Alameda, Celsius, and Grayscale ETF

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Notes: 1/7: BlockFi Valuation, EU Crypto Regulation, and More CoinFlex Drama

According to reports, lending firm BlockFi is being sold in a fire sale to FTX. The firm, which was seeking a valuation of $5 billion in its previous funding round has a price tag of $25 million now. The reasons for a crash in its valuation are not clear. BlockFi CEO Zac Prince yesterday linked… Read More Notes: 1/7: BlockFi Valuation, EU Crypto Regulation, and More CoinFlex Drama

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Notes: 6/28: CoinFLEX Drama, Bitcoin As Commodity, Grayscale’s ETF Bid, and Crypto’s Robber Barons

Bring out the popcorn. The dramas [and pyramid schemes] in crypto seem to go on forever. Just as the controversies about Three Arrows Capital and Celsius Lending were on the wane, we are being treated to another soap opera of sorts at CoinFLEX. The derivatives exchange stopped customer withdrawals due to “extreme market conditions” last… Read More Notes: 6/28: CoinFLEX Drama, Bitcoin As Commodity, Grayscale’s ETF Bid, and Crypto’s Robber Barons

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On Crypto Mining and NYDFS Guidance for Stablecoins

Yesterday I wrote about a crypto mining bill that is sitting on Gov. Kathy Hochul’s desk. While New York’s net zero goals are ostensibly the driving factor behind the legislation, an element of political calculus could trump climate change concerns. According to the New York Times, Gov. Kathy Hochul’s re-election campaign has already received $40,000… Read More On Crypto Mining and NYDFS Guidance for Stablecoins

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