NewsBriefs - Coinbase criticizes SEC's increased budget request as enforcement-heavy
06/14/2024 08:09
Coinbase has condemned the SEC's $2.6 billion budget proposal for 2025, especially criticizing the $812.4 million earmarked for enforcement, representing an increase from the previous year. Coinbase argues this strategy emphasizes regulation by enforcement rather than providing clear crypto regulations. Concurrently, the American Securities Association (ASA) has appealed to the US government to reduce the SEC's budget, insisting on prioritizing investor protection and market fairness over expansive enforcement policies.
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Coinbase criticizes SEC's increased budget request as enforcement-heavy
Coinbase has condemned the SEC's $2.6 billion budget proposal for 2025, especially criticizing the $812.4 million earmarked for enforcement, representing an increase from the previous year. Coinbase argues this strategy emphasizes regulation by enforcement rather than providing clear crypto regulations. Concurrently, the American Securities Association (ASA) has appealed to the US government to reduce the SEC's budget, insisting on prioritizing investor protection and market fairness over expansive enforcement policies.
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Coinbase criticizes SEC's increased budget request as enforcement-heavy
Coinbase has condemned the SEC's $2.6 billion budget proposal for 2025, especially criticizing the $812.4 million earmarked for enforcement, representing an increase from the previous year. Coinbase argues this strategy emphasizes regulation by enforcement rather than providing clear crypto regulations. Concurrently, the American Securities Association (ASA) has appealed to the US government to reduce the SEC's budget, insisting on prioritizing investor protection and market fairness over expansive enforcement policies.
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Ethereum ETF trading approval likely by this summer: SEC’s Gensler
SEC Chairman Gary Gensler has suggested that the Ethereum ETF S1 approval could be expected by this summer. Following the rapid approvals of Bitcoin ETFs, the anticipation for Ethereum ETFs has increased, with key players like VanEck and BlackRock awaiting detailed S1 form clearances. Analyst Eric Balchunas even projects a possible approval by July 4, 2024.
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MicroStrategy plans to boost Bitcoin holdings with new $500 million bond sale
MicroStrategy is set to increase its Bitcoin portfolio through a $500 million offering of convertible senior notes, intended for institutional buyers, with an additional option for $75 million. These unsecured senior obligations, maturing in 2032, may be converted into cash, MicroStrategy stock, or a mix of both. This move marks the company's third major convertible notes initiative in 2024, aiming to expand its already substantial Bitcoin holdings of 214,440 coins valued at approximately $14.4 billion.
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Biden campaign considers crypto donations to attract tech-savvy voters
President Joe Biden's re-election campaign is exploring the acceptance of crypto donations via Coinbase Commerce, aligning with a broader initiative to engage the crypto community and counter recent pro-crypto strides by Donald Trump. This move is seen as an effort to secure support from a significant portion of the US voter base that prioritizes crypto-friendly policies. Discussions around this strategy remain in the exploratory phase, reflecting the increasing role of digital currency in political campaign financing.
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Trump advocates for mining all remaining Bitcoin in the US
Republican presidential candidate Donald Trump has advocated for the entire remaining supply of Bitcoin to be mined within the US. Speaking at an event with executives from CleanSpark Inc. and Riot Platforms, he emphasized that localizing Bitcoin mining could position the US as a leader in energy and serve as a counteract against central bank digital currencies (CBDCs). Trump highlighted the strategic importance of Bitcoin in contributing to national energy dominance.
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Hedge funds' short strategies impact Bitcoin despite US ETF inflows, reports Glassnode
Despite significant inflows into US Spot Bitcoin exchange-traded funds (ETFs), the expected boost in market prices has not been realized due to hedge funds adopting a "cash-and-carry" trading strategy. This strategy, comprising long positions on spot and short positions on futures, particularly at the Chicago Mercantile Exchange (CME), has counteracted the bullish effects of ETF accumulation. Glassnode highlights that this neutralizes the influx of funds, showing that over $6.3 billion in Bitcoin is shorted in activist arbitrage trades via futures, which dilutes the direct bullish impact of these ETFs on the Bitcoin market.
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Tether plans $1 billion investment in startups by 2025, reveals CEO
Tether, through its venture arm Tether Investments, will invest $1 billion in startups focusing on alternative financial infrastructure, artificial intelligence, and biotech by 2025. CEO Paolo Ardoino noted that the strategy aims to diversify holdings beyond their stablecoin, USDT, and build financial influence in emerging markets and technology sectors that challenge traditional finance models. This move aligns with Tether’s recent profitable streak and its plans to reduce reliance on major tech firms, despite facing past regulatory challenges.
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ASI Alliance postpones token merger to July 15
The ASI Alliance, comprising Fetch.ai, SingularityNET, and Ocean Protocol, has rescheduled their token merger to July 15. Initially planned for June 13, the delay accommodates final technical and logistical preparations with partners, exchanges, and validators. This merger aims to combine FET, AGIX, and OCEAN into a single Artificial Superintelligence token (ASI), advancing their shared goal of creating a decentralized artificial intelligence network.
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ZKSync announces major token airdrop to boost community engagement
ZKSync, an Ethereum-based Layer 2 solution by Matter Labs, will distribute 17.5% of its ZK token supply, totaling 3.7 billion tokens, to approximately 695,000 wallets. This airdrop, set to start next week, is valued at over $2.5 billion and is part of a broader strategy to allocate two-thirds of all ZK tokens to the community. Eligibility for the airdrop is based on users' interactions with the ZKSync network prior to March 24. The airdrop aims to enhance participation in protocol governance and marks a significant community-focused financial move by ZKSync.
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SEC reviews ProShares' spot Ether ETF application following recent approvals
The SEC is currently evaluating a spot Ether ETF application from ProShares, submitted to NYSE Arca, with a public comment period set for 21 days. This follows the SEC’s recent approval of spot Ether ETFs from eight asset managers. The decision on ProShares' application, which could align with the launch of other recently approved ETFs, is anticipated to occur within the next few months.
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UwU Lend loses $19.3M in crypto exploit
UwU Lend, a decentralized finance (DeFi) protocol, faced a $19.3 million exploit involving tokens like wrapped ether and Bitcoin. The funds were stolen from a single wallet and largely traded on Uniswap. This security breach highlights vulnerabilities in UwU Lend's systems, despite its reliance on audited smart contract code from AAVE V2. The incident has occurred amid previous controversies associated with its co-founder Michael “Sifu” Patryn, raising further concerns over the platform's safety measures.
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Bitcoin ETFs experience significant inflows as investors anticipate US rate cuts
Crypto investment products, led by Bitcoin ETFs, registered a remarkable $2 billion inflow in June, driven by investor optimism over potential US rate cuts. Over the last five weeks, Bitcoin-focused investments accumulated $4.3 billion, while Ethereum and certain altcoins like Fantom and XRP also reported increased inflows. This surge in investment is correlated with expectations of softer US macroeconomic policies, pushing the total crypto assets under management above the $100 billion mark for the first time since March.
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Solana Foundation expels validators for engaging in sandwich attacks
The Solana Foundation has ousted several validators from its delegation program for participating in sandwich attacks, which exploit users by manipulating transaction orders for profit. This decision complements the foundation's commitment to uphold network integrity and protect retail users from such malicious activities. Validators involved in these front-running tactics will no longer receive SOL tokens from the foundation, although they can still operate independently on the permissionless network.
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CoinGecko reports data breach via third-party email platform
CoinGecko, a prominent crypto data aggregator, confirmed a data breach involving unauthorized access to nearly two million contacts through its third-party email platform, GetResponse, on June 5, 2024. The breach led to phishing attacks but did not compromise user passwords or accounts. CoinGecko has alerted affected individuals and advised the crypto community to be vigilant against phishing and unauthorized token airdrops, enhancing security measures in response.
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GME meme coin soars 97% after RoaringKitty announces upcoming livestream
The Solana-based meme coin GameStop (GME) surged 94% in the last 24 hours and 395% over the past week, driven by a livestream announcement from investor RoaringKitty. This increase led GME token's recent performance to surpass all other Solana meme coins, as well as influencing significant gains in related tokens such as Roaring Kitty (KITTY) and Deep F*cking Value (DFV). The rising interest has pushed the total market cap for Solana meme coins close to $10 billion.
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