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February 2023

Robinhood says it’s cooperating with SEC following subpoena over cryptocurrency services

Robinhood says it’s cooperating with an SEC investigation into the company’s trading and handling of cryptocurrencies.

Markets: Bitcoin, Ether gain; Polygon, XRP biggest losers

Bitcoin and Ethereum rose in Monday afternoon trade in Asia along with most of the top 10 non-stablecoin cryptocurrencies by market capitalization. Asian markets dropped on Monday, following last Friday’s Wall Street selloff, as investors brace for more interest rate hikes in the U.S. due to persistently high inflation. 

SEC accused of ‘back door’ labeling of crypto as securities in Coinbase insider trading case

A U.S.-based blockchain advocacy group has urged a federal court to dismiss SEC charges against an ex-Coinbase employee accused of insider trading.  

Hong Kong’s Crypto Dream

Hong Kong’s economy is shrinking, but a recent budget draft published by the government lists some changes that could help the city recover – and crypto is at the center of it all.

SEC has to clarify what’s permissible for staking, former CFTC chair says

It remains unclear whether the U.S. SEC’s enforcement action against cryptocurrency exchange Kraken represents a broader crackdown on staking, according to Timothy Massad, former Commodity Futures Trading Commission chairman.

Judge denies Dapper Labs request to dismiss NBA Top Shot security lawsuit

A US district court judge on Wednesday denied Dapper Labs’ request to dismiss a lawsuit that alleges that the NBA Top Shots NFT collection is an unregistered security. 

Hong Kong’s new crypto regulation may lure Web3 firms back, experts say

Hong Kong’s proposed crypto licensing regime received Huobi Global’s pledge to return to the city, and more companies may follow, industry experts told Forkast.

Huobi plans to move headquarters to Hong Kong from Singapore

Cryptocurrency exchange Huobi Global is seeking to relocate its Asia headquarters from Singapore to Hong Kong.

How Web3 in China is taking shape — with ‘Chinese characteristics’

What makes Web3 compelling to many is its promise to shift power from centralized players to individual users, but China is doing the opposite, writes Lily King.

Hong Kong begins public consultation on crypto licensing regime

The Hong Kong Securities and Futures Commission is calling for public feedback on its new proposals to regulate the crypto industry set to take effect in June.

Industry reacts: US cracks down on crypto, India calls for regulatory collaboration

The cryptocurrency industry this week reacted to the recent moves by U.S. authorities against Kraken and Paxos. Meanwhile, India has been calling for a collaborative approach to crypto regulations.

Do Kwon, founder of collapsed Terra stablecoin, charged with fraud by U.S. securities regulator

The U.S. SEC charged Singapore-based Terraform Labs and its chief Kwon Do-hyung for defrauding investors.

Binance expects to pay penalties to settle U.S. probes: Wall Street Journal

Binance expects to pay to settle U.S. authorities’ investigations into its business and past crypto offerings, according to its chief strategy officer.

Go ahead and ban staking. Crypto investors will just go elsewhere

The SEC’s latest heavy-handed approach toward crypto will leave investors less protected while benefitting dodgy offshore companies, writes Danny Talwar of Koinly.

Paxos ordered to stop minting Binance stablecoin as SEC mulls legal action

Top blockchain and crypto news: Paxos halts BUSD issuance. Kraken faces disclosure charges. Beijing backs new blockchain research center.

S. Korean regulators to probe local crypto staking services following U.S. crackdown: News1

S.Korean regulators are planning to review crypto staking services on local exchanges following recent regulatory enforcements from the SEC.

SEC may make it harder for hedge funds to work with crypto firms: Bloomberg

The U.S. Securities and Exchange Commission (SEC) plans to propose rule changes that would make it difficult for cryptocurrency firms to hold digital assets.

Crypto Clampdown Begins

As financial regulators around the world continue to crackdown on stablecoins, some are asking if they are overreaching their jurisdiction.

Markets: Bitcoin, Ether drop; BNB biggest loser in top 10 cryptos

Bitcoin and Ether dropped in Tuesday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Binance’s native token BNB led the day’s decline across the top 10 cryptos.

Be careful what you wish for? Regulators pick up pace in the crypto industry crackdown

Last year was memorable in the emerging world of digital assets for the sheer number of corporate failures. The industry itself has been asking for clearer legal guidelines to help development. Is that what’s happening now?
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Markets: Bitcoin, Ether prices extend losses; Dogecoin sole gainer among top 10 cryptos

Bitcoin continued to trade below US$22,000 in Monday afternoon trading in Asia. All other top 10 non-stablecoin cryptocurrencies dropped except Dogecoin.

Coinbase CEO says he will “happily defend” crypto staking service against claim it’s a securities product

CEO Brian Armstrong said that the company will defend its staking services in court against claims that they need to be classified as securities.

Securities and Exchange Commission may sue BUSD stablecoin issuer Paxos, WSJ reports

The U.S. SEC may sue the Paxos Trust Company for allegedly violating investor protection laws in its issue of the Binance USD (BUSD) stablecoin.

A house divided? SEC Commissioner Peirce attacks agency’s fines against Kraken exchange

Hester Peirce said using enforcement action to dictate law in an emerging industry is the act of a “lazy” regulator, after the SEC fined the U.S.-based Kraken crypto exchange for failing to register staking programs.

Markets: Bitcoin slumps in broad sell off amid SEC charges against Kraken, regulation worries

Bitcoin sank below US$22,000 on Thursday morning in Asia after the U.S. SEC slapped a fine on the Kraken exchange, sparking concerns that regulators are set to take a tougher line on crypto trading.

Coinbase CEO Brian Armstrong says SEC has ‘terrible’ idea to ban crypto staking for U.S. retail customers

The U.S. Securities and Exchange Commission is considering a ban on cryptocurrency staking for retail customers in the country, said Brian Armstrong, the chief executive of Coinbase Global Inc.

CBDCs are coming. Here’s why you should worry

Governments are pushing central bank digital currencies to exert more control over macro policy, writes Josef Tětek of Trezor. But your money and privacy are also at stake.

Markets: Bitcoin, Ether extend gains; Polygon leads top 10 cryptos

Bitcoin and Ethereum extended gains on Wednesday afternoon in Asia along with all other top 10 non-stablecoin cryptocurrencies by market capitalization.

Markets: Bitcoin rises as Polygon gains most in top 10 cryptos

Bitcoin prices gained in Tuesday afternoon trading in Asia while Ethereum dropped with most other top 10 non-stablecoin cryptocurrencies by market capitalization.

How regenerative finance can ease climate change and boost the bottom line

Renewable energy is plagued by financing difficulties, but blockchain technology can bridge the sector’s funding gaps, writes Brianna Welsh of Reneum.

Markets: Bitcoin dips to US$23,500, Ether inches up, other top 10 crypto mixed

Bitcoin and Ether traded mostly little changed Friday morning after a strong run up in the week, with other top 10 cryptocurrencies prices mixed.

Markets: Bitcoin stays above US$23,000; Cardano leads gains in top 10 cryptos

Bitcoin traded above US$23,000 throughout Wednesday afternoon trading in Asia, while Ethereum and other top 10 non-stablecoin cryptocurrencies were mixed. Cardano led gains with 2.03% followed by XRP’s 1.13%. 

Judge rules secondary sale of LBC does not classify as security in SEC vs LBRY appeal

In the SEC’s case against decentralized publishing platform LBRY Inc., the judge ruled that the secondary sale of LBC does not qualify as a security.

January 2023

Markets: Bitcoin, Ether extend gains; Solana leads among top 10 cryptos

Bitcoin and Ethereum were up in Monday afternoon trading in Asia, while all other top 10 non-stablecoin cryptocurrencies were mixed. Solana led gains at 5.08%. 

A crypto regulatory storm front is coming in 2023. Are we ready for it?

Laws to prevent another FTX blowup, crackdowns on crypto tax cheats, and a ruling on Ripple are likely imminent. A bull’s eye is also on DeFi, writes Gergo Varga of SEON.

Markets: Bitcoin, Ether extend losses; Solana, Cardano biggest losers in top 10 cryptos

Bitcoin and Ethereum fell in Wednesday afternoon trading in Asia, as Solana and Cardano led losses among the other top 10 non-stablecoin cryptocurrencies by market capitalization.

Markets: Bitcoin rises above US$23,000; Polkadot, BNB lead gains across top 10 cryptos

Bitcoin broke the US$23,000 resistance line in Tuesday afternoon trading in Asia, with most other top 10 non-stablecoin cryptocurrencies by market capitalization also higher.

India’s CoinDCX exchange says crypto tax rules are reducing government revenue

India announces its full year budget on Feb. 1, the last before general elections in 2024, and the cryptocurrency and digital asset industry is lobbying the government for changes in tax rules, among others.

Crypto lender Nexo to pay US$45 mln to settle U.S. SEC charges

Crypto lender Nexo Capital has agreed to pay US$45 million in a settlement with the SEC and the NASAA, over allegations of failing to register its lending product,

S. Korean city Busan to launch digital commodities exchange, shelves crypto

Busan, South Korea’s second-largest city, announced Thursday that it will launch a digital commodities exchange in the second half of this year.

Markets: Bitcoin, Ethereum extend losses

Bitcoin and Ethereum fell Thursday afternoon in Asia, along with all other top 10 non-stablecoin cryptocurrencies on market concerns the U.S. Federal Reserve may increase interest rates further to tackle inflation. 

CFTC commissioner calls for clearer crypto regulations

Caroline Pham, commissioner of the U.S. Commodity Futures Trading Commission (CFTC) commissioner, has urged regulators to develop clearer crypto industry standards.

Thailand’s SEC issues new regulations for crypto custody services

The Securities and Exchange Commission of Thailand issued new rules for cryptocurrency custody services on Tuesday.

SEC in the U.S. charges Genesis, Gemini with selling unregistered securities

The U.S. Securities and Exchange Commission on Thursday charged cryptocurrency lender Genesis Global Capital and crypto exchange Gemini Trust with offering and selling unregistered securities to retail investors.

Ripples’ ripple?

The battle for who gets to regulate cryptocurrencies continues as SEC v. Ripple Labs carry on larger implications for the crypto world.

Thai regulator probes Zipmex crypto exchange amid acquisition: report

Thailand’s Securities and Exchange Commission (SEC) has written to cryptocurrency exchange Zipmex Thailand seeking clarification on whether it has been operating as a digital-asset fund manager without permission, according to a Bloomberg report. 

Coinbase to cut 20% of its remaining workforce

Coinbase, the largest cryptocurrency exchange in the U.S., will be letting go of about 950 employees, or about 20% of its current workforce, as part of “a further restructuring plan,” which is expected to be “substantially complete” by the second quarter of 2023. 

Markets: Bitcoin slips, Cardano leads losses in top 10 cryptos

Bitcoin dropped in afternoon trading on Tuesday along with most other top 10 non-stablecoin cryptocurrencies by market capitalization. Ethereum rose further while Dogecoin led gains. 

Australian crypto exchange Swyftx to end interest yielding product, cites lack of regulation clarity

Australian crypto exchange Swyftx is ending its crypto-interest earning product Earn on Tuesday due to a “constantly changing regulatory landscape” in the country, according to a company announcement.

Ripple Decision Soon?

Ripple expects a SEC ruling on a two-year-old suit and what regulations it could bring about.

SEC objects to Binance’s US$1 bln deal to buy Voyager Digital’s assets

The U.S. SEC has objected to Binance’s U.S. affiliate’s proposed US$1 billion purchase of bankrupt crypto lender Voyager Digital’s assets.

MoneyGram seeks to seal parts of its filings in the XRP lawsuit between Ripple, SEC

MoneyGram has requested the court to seal certain portions of summary judgment materials in Ripple Labs’ ongoing lawsuit against the SEC.

Ripple expects SEC ruling in first half, clearer global regulations for digital assets in 2023 

Ripple Labs Inc. expects a court decision in the first six-months of this year in the case filed against the company by the U.S. Securities Exchange Commission. The SEC sued Ripple in December 2020 for allegedly selling US$1.3 billion in unregistered securities.

U.S. banking regulators warn against cryptocurrency fraud, contagion risks

The U.S. Federal Reserve, FDIC and the OCC have issued a joint statement to warn banks of the risks with crypto assets.

December 2022

‘Tis the season for crypto tax-loss harvesting: IRS, regulators remain silent on crypto tax loophole ahead of new year

The past year has been tumultuous for crypto investors, with a bear market wiping out over half of Bitcoin’s market capitalization. However, with the end of the American tax year just days ahead, taxpayers could get some money back.

Markets: Bitcoin, Ether inch up, Dogecoin leads decline across top 10 cryptos

Bitcoin and Ethereum inched up in Monday afternoon trading in Asia. Most other non-stablecoin top 10 cryptocurrencies by market capitalization were little changed

SEC, Ripple get extensions to exclude expert testimony in XRP lawsuit

The federal judge in the ongoing lawsuit between the SEC and Ripple has granted a joint motion from all parties to extend the deadline for the Daubert Motions that would exclude certain expert testimonies.

US bill set to demand know-your-customer from crypto companies

Top blockchain and crypto news: US senators push for crypto KYC. SBF faces the music in US courts. Alibaba Cloud to launch blockchain node.

Ripple CEO’s attorney to resign as counsel on XRP lawsuit against SEC

Ripple CEO Bradley Garlinghouse’s attorney has applied to withdraw as his counsel in Ripple’s ongoing lawsuit against the SEC.

Markets: Bitcoin, Ether fall with equities as concerns about recession knock Wall Street lower

Bitcoin and Ether prices fell Friday morning in Asia, along with most of the top 10 non-stablecoin crypto, as U.S. stocks had their biggest declines in weeks.

Markets: Bitcoin rebounds then retraces amid hawkish Fed comments, Solana gains

Bitcoin held onto gains in Thursday morning trading in Asia, though had pulled back from an earlier spike above US$18,000 as the U.S. Federal Reserve raised interest rates in line with expectations.

FTX an ‘old-fashioned embezzlement’ says new CEO as US authorities charge Bankman-Fried with fraud

Members of a U.S. Congressional hearing expressed frustration about the timing of Bankman-Fried’s arrest, saying they wanted him to testify under oath so the public could get the answers they are seeking about the collapse of FTX.

Markets: Bitcoin, Ether prices rise as November U.S. inflation reading lower than expected

Bitcoin and Ether both rose more than 3% in Wednesday morning in Asia, as the U.S. consumer price index came in lower than expected.

SEC charges FTX founder Sam Bankman-Fried with defrauding investors

FTX’s Sam Bankman-Fried has been charged by the U.S. SEC for orchestrating a years-long fraud on investors, the agency announced on Tuesday.

Hong Kong mulls regulatory requirements for local licensed crypto exchanges: report

The Hong Kong Securities and Futures Commission (SFC) is drafting regulatory requirements for the local licensed crypto exchanges, in light of the FTX debacle, according to a report on Monday by Hong Kong public broadcaster RTHK

SEC advises public firms to disclose crypto risks

The U.S. Securities and Exchange Commission (SEC) has advised publicly-listed firms to disclose their exposure to the cryptocurrency market, in light of the fallout of the FTX collapse.

DeFi regulation: it’s not a matter of if, but when

The push to regulate DeFi is stronger than ever, and the sector would be wise not to fight but participate in that inevitability, writes Michael Shing of XREX.

Innovation vs Regulation

Innovation and regulation are mutually exclusive in the world of crypto – and in the aftermath of the FTX collapse, getting the balance right is key.

MetaComp becomes the latest crypto exchange to receive Singapore license

Singapore-based crypto exchange MetaComp has been granted Singapore’s license, enabling it to offer digital asset exchange and custody services to institutional investors.

November 2022

Dominica releases ‘world’s first’ national crypto token with Huobi, Tron

The Commonwealth of Dominica in the Caribbean reportedly issued its national crypto token, DMC, on Tuesday, in partnership with crypto exchange Huobi Global, TronDAO and DMC Labs.

Blockchain is transforming capital markets, and Singapore is leading the way: Opinion

Asset tokenization and DeFi hold tremendous potential for the finance sector, writes Han Kwee Juan of DBS Bank. Here’s how the Singaporean government is at the forefront of change.

Sam Bankman-Fried could face decades in jail if convicted of law violations in FTX collapse, lawyers say

The former CEO of the collapsed crypto exchange “needs to keep his mouth shut” and stop making public comments that could be used against him in future court cases, lawyers tell Forkast.