Top stories this week
Coinbase Could Face SEC Enforcement Actions for “Potential Securities Law Violations”
Crypto exchange Coinbase received a Wells notice from the United States Securities and Exchange Commission (SEC) suggesting enforcement action to come. According to Coinbase, the “legal threat” could potentially target its staking program, listed digital assets, wallet, or Coinbase Prime services. The exchange’s chief legal officer, Paul Grewal, said the warning “comes after Coinbase provided several submissions to the SEC regarding registration over the months, to which the SEC ultimately declined to respond.” Coinbase CEO Brian Armstrong renewed calls for crypto users to “elect pro-crypto candidates” after development.
FTX debtors agree to sell $95 million stake in Mysten Labs
As FTX’s bankruptcy proceedings progress, debtors of the defunct crypto exchange have approved a deal to sell $95 million of its preferred stock to Mysten Labs, the company behind the Sui blockchain. . Court approval is still pending, as is the possibility of further bids for the shares. In a related headline, FTX is seeking to recover $460 million in allegedly misappropriated client funds from venture capital firm Modulo Capital, which received a large investment from Alameda Research last year. The investment was reportedly led by Sam Bankman-Fried, who faces multiple charges in federal court related to alleged fraud during his tenure as CEO.
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Do Kwon faces fraud charges from US prosecutors hours after arrest
Just hours after his arrest in Montenegro, Terraform Labs CEO Do Kwon was charged with eight separate counts by US prosecutors in New York, including commodities fraud, securities fraud securities, wire fraud and conspiracy to defraud and engage in market manipulation. According to reports, Kwon also faces criminal charges in Montenegro for allegedly falsifying travel documents. South Korean prosecutors issued an arrest warrant for Kwon in September last year, followed by an Interpol red notice weeks later. The charges against him relate to his alleged role in the collapse of the $40 billion Terra Luna Classic token and TerraClassicUSD stablecoin in May 2022.
Mastercard will settle transactions for stablecoin wallet in APAC
Mastercard is launching a stablecoin digital wallet integration to allow retail customers in the Asia-Pacific region to spend US dollar-pegged stablecoins anywhere Mastercard is accepted. The international payments company plans to convert USDC stablecoin to fiat and move into its network by partnering with Australian stablecoin platform Stables. The service will initially be available to Australia-based users before expanding to Europe, the US, UK and most of Asia-Pacific.
Celsius deposit account holders can receive 72.5% of their crypto, says bankruptcy judge
The judge overseeing the bankruptcy case of crypto lending firm Celsius Network has approved a settlement plan that allows depository account holders to recover 72.5% of their crypto assets. Holders will have 30 days to review the terms. If they choose to participate, the assets will be returned in two distributions – 36.25% up front and 36.25% upon resolution of the plan (or at the end of the year). The defunct platform announced in February that NovaWulf Digital Management would act as a sponsor of its restructuring plan, claiming that more than 85% of Celsius customers would get around 70% of their crypto back.
Winners and losers
At the weekend, Bitcoin (BTC) is at $27,157Ether (ETH) To $1,734 And XRP To $0.41. The total market capitalization is $1.15 trillion, according at CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Mask Network (MASK) at 24.22%, Flare (FLR) at 22.23% and XRP (XRP) at 11.89%.
The top three altcoin losers of the week are Arbitrum (ARB) at -89.76%, unchanged (IMX) at -25.82% and Toncoin (TONNE) at -15.12%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
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Most Memorable Quotes
“What is happening these months only goes to show that Bitcoiners and Bitcoin maxis were right all along.”
Paolo ArdoinoChief Technology Officer of Tether
“It’s not crypto versus Goldman Sachs or crypto versus institutions. It’s a race to see who can do crypto better.
“Stablecoins will play a central role in the new financial system and will be essential in bridging the worlds of traditional and decentralized finance.”
Daniel Limanaging director of stables
“Central bank digital currency is all about monitoring Americans and controlling their behavior.”
Ron DeSantisgovernor of the U.S. state of Florida
“Bitcoin was designed as a reaction to Lehman Brothers during the 2008 crisis. It was designed because central authorities cannot be trusted.
Pascal GautierLedger CEO
“We are in serious danger of seeing an entire strategic technology arena drift away from American leadership.”
Jeremy AllaireCircle CEO
Prediction of the week
Bitcoin Set to Outperform All Crypto Assets After Banking Crisis, Says Analyst
The banking crisis could be the spark that will ignite the next crypto bull run, in which Bitcoin is likely to outperform all other cryptos, according to Mike McGlone, senior commodities strategist at Bloomberg Intelligence.
According to McGlone, the US Federal Reserve’s reluctance to ease monetary policy despite the banking crisis is pushing the US economy into a recession. This macro environment will ultimately favor Bitcoin, which will outperform all other cryptocurrencies.
“The longer Bitcoin can hold above $25,000, the more the S&P 500 potentially pressures below 4,000, you will have an indication that Bitcoin will take off,” McGlone pointed out. “I think Bitcoin will outperform virtually all cryptos, including Ethereum,” he concluded.
FUD of the week
US Senator Ted Cruz tries again with new bill to block CBDC
US Senator Ted Cruz has introduced a bill to prevent the Federal Reserve from launching a “direct-to-consumer” central bank digital currency because it “could be used as a financial surveillance tool by the federal government.” According to Cruz, the federal government has “no authority to unilaterally establish” the digital dollar. A similar bill was introduced by Cruz along with other senators on March 30, 2022, to prohibit the Fed from issuing a CBDC directly to individuals. Almost 12 months later, the bill has still not passed the introductory stage.
Hindenburg Research reports Block short position, claiming to facilitate fraud and inflate metrics
A report following a two-year investigation by Hindenburg Research claims digital payments firm Block has “systematically taken advantage” of its users, alleging the company inflated its user metrics and facilitated fraud. According to the report, Block’s practices allowed users to create fraudulent accounts, serving many criminals who used the platform to steal funds. Block called the report “factually inaccurate and misleading,” saying he intended to take legal action against the research company.
European banks head for another weekend of uncertainty as default risks rise
European banks faced another weekend of renewed fears over their future, as shares of Deutsche Bank plunged on the New York Stock Exchange on March 24, following a day of declines in markets in Frankfurt. Shares of the German bank were hit by a rise in the cost of insuring against its potential default risk, with its five-year credit default swaps climbing during the week and closing at 222 basis points on Friday. Fears about European banks are not limited to Deutsche Bank. European shares of Commerzbank, Societe Generale and UBS also fell in European trading.
Best Crypto Features
The Best and Worst Countries for Crypto Taxes – Plus Crypto Tax Tips
Resident tax expert Elias Ahonen reviews the world’s best and worst countries for crypto taxes. Where do the US and UK rank?
Creating “organic” generative art from robotic algorithms: Emily Xie, NFT Creator
When creating generative art, the world disappears for this Harvard graduate living in New York.
U.S. Law Enforcement Agencies Ramp Up the Pressure on Crypto-Related Crime
Recent high-profile indictments by the Justice Department and collaborative agencies suggest that the federal government intends to aggressively crack down on suspected cybercriminals in the United States and abroad.
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