The long-standing legal feud between FTX Trading and Genesis Global Holdco is taking a turn towards resolution. The two parties have reached an initial agreement, in principle, following bankruptcy protection disputes that have made industry headlines. An official letter to the bankruptcy judge representing their cases has affirmed the intent of the firms to put…
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On Thursday, following the U.S. Securities and Exchange Commission (SEC) suing the insolvent crypto lender Celsius, the Federal Trade Commission (FTC) divulged a settlement with the firm and imposed a $4.7 billion fine for “duping consumers.” Nevertheless, the penalty will be deferred to enable Celsius to return its remaining assets to consumers in bankruptcy proceedings.…
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According to a press release issued on June 15 by the Office of the New York State Attorney General, the cryptocurrency exchange Coinex has reached a settlement with Letitia James, the chief law enforcement officer. The attorney general stated that Coinex will pay $1.7 million in penalties and refunds and is barred from operating its…
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In a recent development, Bitgo, the digital asset trust firm, disclosed that it has penned a letter of intent to acquire Prime Trust, a crypto custodian based in Nevada. Should the acquisition proceed, Prime Trust would become an integral part of Bitgo’s network of regulated trust companies. Bitgo Signs Letter of Intent to Acquire Crypto…
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According to the Connecticut Department of Banking, commissioner Jorge Perez revealed that the regulator has reached a settlement with the crypto automated teller machine (ATM) and kiosk operator Bitcoin of America. As part of the settlement, Bitcoin of America will pay $86,000 in restitution, and the firm will be required to cease operations in Connecticut.…
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The Australian digital dollar was used in a trade for a U.S. dollar stablecoin using an Ethereum layer 2 blockchain. Australia has successfully made its first foreign exchange transaction using eAUD as part of a live pilot for the country’s potential central bank digital currency (CBDC). It comes amid a rising interest from countries around…
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The lawmaker said the regulation will need to be both “pragmatic” and “proportionate” to ensure economic growth is maximized. The United Kingdom could lay out digital asset regulation within 12 months, a British lawmaker claimed, saying the country wants to capitalize on the benefits that blockchain can bring to the private sector and economy. In…
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As Ripple and the U.S. Securities and Exchange Commission (SEC) persist in their legal dispute over XRP’s classification as a security, the consequences for both parties and the wider cryptocurrency market cannot be understated. This case offers a unique opportunity to attain much-needed regulatory clarity, which could ultimately promote growth and stability throughout the sector.…
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ARK Invest purchased 269,928 shares in Coinbase on March 23, only two days after it sold $13.5 million, its first sale of Coinbase shares this year. Cathie Wood’s investment management firm has gone back to buying Coinbase shares again, just a day after COIN’s stock price dipped amid news of its Wells notice. On March 23,…
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Brian Armstrong made the interesting analogy when asked to explain the firm’s recent “Wells Notice” in “NFL terms.” Brian Armstrong, the CEO and co-founder of crypto exchange Coinbase has compared the Securities and Exchange Commission (SEC) to “soccer refs” in a game of pickleball, criticizing U.S. regulators for not being able to “agree on the…
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