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CNBC reached out to the SEC about the recent batch of Wells notices sent to crypto firms, and an agency spokesperson declined to comment. Exchanges, both centralized and decentralized, would be forced to choose between registering with the SEC, or delisting ether altogether. watch nowBoth Consensys and Uniswap suggest the SEC's broad approach to classifying securities may be outdated. "The SEC is arguing that the Uniswap protocol is an unregistered securities exchange, and that the Uniswap interface and wallet are both unregistered broker brokers," Ammori said. Uniswap argues in its response to the SEC that the majority of its trading volume is obvious nonsecurities, like ether, bitcoin and stablecoins.
Persons: Marvin Ammori, “ Ammori, Wells, Consensys, overreach, Joseph Lubin, Lubin, , , Christopher Gerold, Laura Brookover, Brookover, ethereum, Bill Hinman, Hinman, Patrick McHenry, Gary, Crypto, haven't, Uniswap, Ammori, there's, Alma Angotti, Guidehouse, Coinbase, We've, Christina Rea, We're, CNBC's Jordan Smith Organizations: Securities and Exchange Commission, Uniswap, SEC, Ethereum Foundation, CNBC, Security, New, New Jersey Bureau of Securities, Consensys, Securities, Exchange Commission's, of Corporation Finance, Rep, Robinhood Locations: U.S, Lubin, New Jersey, ethereum, R
New York Attorney General Letitia James is settling with crypto lender Genesis for $2 billion to repay defrauded investors. The lawsuit was broadened in February, alleging that DCG and Genesis defrauded additional investors out of more than $2 billion. Despite a legal challenge brought by parent company DCG, a bankruptcy court approved the lender's Chapter 11 repayment plan, which included the settlement between James' office and Genesis. The settlement bars Genesis from operating in New York. The settlement also established a fund for victims comprising at least 29,000 New York residents who collectively gave more than $1.1 billion to Genesis through its Gemini Earn product.
Persons: Letitia James, James, DCG, Genesis Organizations: New, Digital Currency Group, Gemini Trust, Securities, Exchange Commission Locations: New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrayscale CEO Michael Sonnenshein steps down, replaced by Goldman exec: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Crypto World takes a look at the SEC's recent actions against decentralized finance platforms and Ethereum as it prepares to issue a decision on spot ether ETF proposals.
Persons: Michael Sonnenshein, explainers Organizations: Goldman, CNBC Crypto, CNBC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rises above $65,000 after CPI report shows inflation easing in April: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Rob Hadick, general partner at the crypto venture firm Dragonfly, weighs in on what to expect related to the SEC's upcoming expected decision on spot ether ETFs.
Persons: explainers, Rob Hadick Organizations: CNBC Crypto, CNBC
Sam Altman, CEO of OpenAI, attends the 54th annual meeting of the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. On Friday, advanced nuclear fission company Oklo, for which Sam Altman serves as chairman, started trading on the New York Stock Exchange. Oklo's business model is based on commercializing nuclear fission, the reaction that fuels all nuclear power plants. "I don't see a way for us to get there without nuclear," Altman told CNBC in 2023. It's not Altman's only foray into nuclear energy or other infrastructure that could power large-scale AI growth.
Persons: Sam Altman, Altman, Oklo, Bill Gates, Jeff Bezos, Jacob DeWitte, hasn't, we've, DeWitte, It's, Helion, OpenAI Organizations: Economic, New York Stock Exchange, AltC, U.S . Air Force, Microsoft, Amazon, CNBC, U.S . Nuclear Regulatory Commission, NRC, DeWitte, Nvidia Locations: Davos, Switzerland, Idaho, OpenAI's San Francisco, U.S, Saudi Aramco, Rain
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRobinhood's crypto transaction revenue soars 232% from a year ago: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Lou Frangella, head of brand partnerships at Kraken, discusses why the crypto exchange is looking to Formula 1 fans to boost crypto adoption.
Persons: explainers, Lou Frangella Organizations: CNBC Crypto, CNBC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMajor banks team up to test network for tokenized money and U.S. Treasurys: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Alma Angotti, partner and global legislative and regulatory risk leader at the consulting firm Guidehouse, weighs in on recent actions by the SEC, including the Wells Notice sent to Robinhood over its crypto operations.
Persons: explainers, Alma Angotti, Wells Organizations: CNBC Crypto, CNBC, SEC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX's bankruptcy plan would pay back customers with interest – but at bear market valuationHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Brian Sullivan, Organizations: CNBC
Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, arrives at court in New York, US, on Thursday, Feb. 16, 2023. Almost all customers of collapsed cryptocurrency exchange FTX will get their money back — and more, according to a court filing. FTX's high-profile founder Sam Bankman-Fried was convicted of seven criminal counts in early November, including charges related to stealing billions of dollars from FTX's customers. FTX had to find other ways to raise money because it has large sum of cryptocurrency missing from the exchange. Instead, the Debtors have had to look to other sources of recoverable value to repay creditors," FTX said in a press release on Wednesday.
Persons: Sam Bankman, FTX, Fried, Bitcoin, John Ray III, Ray, — CNBC's MacKenzie Sigalos Organizations: Amazon, FTX Locations: New York, Alameda, Bankman, Anthropic
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEC Chair Gensler says investors don't get 'needed disclosures' for crypto assets: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Dave Weisberger, executive chairman of CoinRoutes, discusses Robinhood's disclosure that the SEC sent a Wells Notice over its crypto operations.
Persons: Gensler, explainers, Dave Weisberger, CoinRoutes Organizations: SEC, CNBC Crypto, CNBC
Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. A month earlier, on the opposite coast in downtown Manhattan, FTX's Sam Bankman-Fried received a 25-year prison sentence for his crimes. At the beginning of his trial, SBF sported a fresh haircut and wore suits, but by its end, his curls were wild again. Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. watch nowMoney makes all the differenceUnlike SBF, CZ didn't have his wealth wiped out by bankruptcy of the crypto company he founded.
Persons: Sam Bankman, Zhao Changpeng, Mike Segar, Benjamin Girette, Changpeng Zhao, FTX's Sam Bankman, Fried, Zhao, Binance's Zhao, FTX's, Toyotas, Braden Perry, Perry, Manfred, SBF, Michael Lewis, Lewis, Sam didn't, Amr Alfiky, Sam, Caroline Ellison, , Zhao's, Yi He, Binance, David Ryder, Yang, Rachel Zhao, Yesha Yadav, Yadav, Mark Bini, Lewis Kaplan, Bankman, Kaplan, perjured, Neama Rahmani, Rahmani, Tre Lovell, Zhao hasn't, Lovell, weren't, FTX Organizations: Reuters, Bloomberg, Getty, Department of Justice, CFTC, Stanford University's, Bankman, CZ, Staff, Reuters Prosecutors, Alameda Research, Vanderbilt University, Wall Street, CNBC, FTX, Emergency Economic, Justice Department, DOJ Locations: Seattle, Manhattan, California, Hong Kong, Bahamas, Palo Alto, U.S, New York City, Alameda, Seattle , Washington, Paris, France, Angeles, Binance, Dubai, Delaware
Former US President Donald Trump attends his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City, on May 2, 2024. The historic hush-money trial, which still has another three to five weeks to go, marks the first-ever criminal trial of an ex-U.S. president. Fined $9,000 for contempt of courtFormer US President Donald Trump sits in the courtroom at Manhattan criminal court in New York, US, on Friday, May 3, 2024. Prosecutors dig inRepublican presidential candidate and former U.S. President Donald Trump shouts during a campaign event in Freeland, Michigan, U.S. May 1, 2024. Pecker, who said that he purchased the story in order to bury it, said that Trump never reimbursed the company.
Persons: Donald Trump, Doug Mills, He's, he's, Juan Merchan, Trump, Merchan, Attorney Alvin Bragg, Joe Biden, , doesn't, Trump's protestation, Chris Conroy, Brendan Mcdermid, Michael Cohen, Stormy Daniels, Daniels, David Pecker, Pecker, Donald Trump's, Timothy A, Clary, Cohen, Karen McDougal, Rhona Graff, McDougal, Gary Farro, Keith Davidson, Davidson, Hope Hicks, Alex Wong Organizations: Manhattan Criminal, Afp, Getty, Manhattan Supreme, Reuters, Attorney, Trump, Truth Social, Republican, National Enquirer, American Media, White House, Capitol Locations: New York City, Manhattan, Wisconsin, Michigan, New York, Waukesha , Wisconsin, Freeland , Michigan, U.S, Republic, Washington , DC
Coinbase reported better-than-expected revenue in its first-quarter earnings report on Thursday. Transaction revenue has historically been a primary driver of revenue, with subscription and services revenue bringing in $511 million for the quarter. The stock tends to benefit from big gains in bitcoin as large rallies in the cryptocurrency lead to increased trading volumes and demand for other services. During the first quarter, bitcoin hit a new all-time high above $73,000 in March, and ethereum, the second-biggest digital asset, underwent its first major upgrade in over a year. "Indeed, trading volumes on Coinbase's platform have come well down from early-March levels."
Persons: Coinbase, bitcoin, Raymond James analysts, Raymond James Organizations: SEC, Coinbase Locations: U.S, bitcoin, Crypto.com
Earnings per share: 85 cents adjusted vs. 72 cents adjusted that was expected85 cents adjusted vs. 72 cents adjusted that was expected Revenue: $5.97 billion vs. $5.82 billion expectedBlock posted $2.09 billion in gross profit, up 22% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company's core transactional businesses. The Cash App business, which is the company's popular mobile payment platform, reported $1.26 billion in gross profit, a 25% year-over-year jump. Bitcoin, said bitcoin will ultimately help Block "serve more people around the world faster." He added that going forward, Block will be investing 10% of its gross profit from bitcoin products into purchases of bitcoin for investment.
Persons: Block, Jack Dorsey, Afterpay, Dorsey, Amrita Ahuja, Bitcoin, bitcoin Organizations: Twitter, CNBC
Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. Former federal prosecutor Neama Rahmani agrees, adding that Zhao's personal wealth won't be affected by his sentence. That's a different siutation from Sam Bankman-Fried, the controversial ex-CEO and founder of crypto exchange FTX. Bankman-Fried received a 25-year prison term for crimes connected to the operation of his crypto exchange. "Negative long-term impact on Binance will diminish the value of CZ's investment in the crypto exchange," said Yadav.
Persons: Changpeng Zhao, Reuters Changpeng Zhao, Zhao, Gabriel Abed, Richard Jones, Tre Lovell, Neama Rahmani, David Ryder, Binance, Braden Perry, Sam Bankman, Joshua de Vos, de Vos, Fried, Yesha Yadav, That's, Forbes, he's, Lucas Kiely, Kiely —, , Yadav, it's Organizations: Staff, Reuters, CNBC, U.S, U.S . Department of Justice, District, Toyota, Bloomberg, Getty, Bank, Commodity Futures Trading Commission, Vanderbilt University, Department, Securities and Exchange Commission, SEC Locations: Paris, France, Seattle, Zhao, Binance, Los Angeles, Seattle , Washington, Dubai, U.S, bitcoin, Iran
Changpeng Zhao, former chief executive officer of Binance, arrives at federal court in Seattle, Washington, US, on Tuesday, April 30, 2024. Binance's billionaire founder Changpeng Zhao was sentenced to four months in prison on Tuesday, after pleading guilty to charges of enabling money laundering at his crypto exchange. The sentence in Seattle federal court was significantly less than the three years that federal prosecutors were seeking for Zhao. In November, Zhao struck a deal with the U.S. government to resolve a multiyear investigation into Binance, the world's largest cryptocurrency exchange. The action against Binance and its founder was a joint effort by the Department of Justice, the CFTC and the Treasury Department, though the SEC was notably absent.
Persons: Changpeng Zhao, Binance, Zhao Organizations: U.S, Bank, U.S . Securities, Exchange Commission, Commodity Futures Trading Commission, Binance, Department of Justice, CFTC, Treasury Department, SEC Locations: Seattle , Washington, US, Seattle, Binance, U.S
Changpeng Zhao, the founder and former CEO of crypto exchange Binance, heads to a Seattle courtroom on Tuesday to learn whether the crimes he admitted to committing will land him in prison for an extended sentence. As part of his plea deal with the Department of Justice, Zhao agreed to step down as CEO. Once a titan of the crypto sector, Zhao grew Binance into the world's largest centralized crypto exchange globally. Unlike rival exchange FTX, which collapsed into bankruptcy when founder Sam Bankman-Fried was criminally charged, Binance has continued to operate. Binance processed a whopping $18.1 trillion worth of trading volume in 2023, according to data from CCData, a crypto market data firm.
Persons: Changpeng Zhao, Zhao, Richard Jones, Binance, Sam Bankman, Fried, Nansen, he's Organizations: Department of Justice, District, Prosecutors, Bank, U.S, Justice Department, Futures Trading Commission, Treasury Department, SEC Locations: Seattle, U.S, CCData, Iran
Jack Dorsey says that his payments company, Block (formerly Square), is expanding its bitcoin mining ambitions from designing chips to developing a full bitcoin mining system. "Building on these insights and pursuant to our goal of supporting mining decentralization, we plan to offer both a standalone mining chip as well as a full mining system of our own design." "Mining isn't accessible to everyone," Dorsey wrote when Block first entered the business of building mining hardware in 2021. "Bitcoin mining should be as easy as plugging a rig into a power source. The company was light on the details in this latest announcement, but Dorsey posted in 2021 that the company was considering a "bitcoin mining system based on custom silicon."
Persons: Jack Dorsey, We've, Dorsey, Block, Thomas Templeton Organizations: Mining Locations: China, Kenya, Malawi, Zambia
Magic Eden coders gathered in an Airbnb in San Jose, California, to hack in preparation for the so-called bitcoin halving. Their goal was to spend a week hacking to prepare for the so-called bitcoin halving — an event that is baked into the chain's code and helps to stave off inflation through programmatic monetary policy. watch nowTechnically speaking, runes just enables asset issuance of fungible tokens on bitcoin's base chain. The reason this is significant to developers is because of its efficiency relative to existing BRC-20 tokens, bitcoin's widely-used fungible token standard that has already received a ton of traction. "There's definitely been an awakening of capital interest in the bitcoin layer two space," said Muneeb Ali, who co-founded Stacks — an open-source blockchain network that brings smart contracts to bitcoin.
Persons: Eden coders, Amil Husain, Magic Eden, Bitcoin, Eden's, Zedd Yin, Eden's coders, Yin, blockchain, Casey Rodarmor, Rodarmor, Casey, Nic Carter, Bill Barhydt, bitcoin, Barhydt, I've, Carter, PitchBook, There's, Muneeb Ali, Ali, Christopher Calicott, Amil Husain DeFi, Hong Fang, Fang, Goldman Sachs, Stacks's Ali Organizations: East Foothills, Fighter, Engineers, solana, Island Ventures, Venture, CNBC, Magic Eden, Austin, Trammell Venture Partners, Labs, Ribbit Capital Locations: San Jose , California, U.S, Northern California, solana, ethereum, Abra, bitcoin, San Jose, Bitcoin
Bitcoin miners brace for impact as halving goes live
  + stars: | 2024-04-21 | by ( Mackenzie Sigalos | ) www.cnbc.com   time to read: +17 min
The technical event is relatively simple: Bitcoin miners get paid in bitcoin to validate transactions, and after 210,000 blocks of transactions are computed and added to the main chain, the reward given to the miners securing bitcoin is 'halved.' The aggregate market cap of the 14 U.S.-listed bitcoin miners tracked by JPMorgan analysts declined 28% over the first half of April to $14.2 billion, reaching year-to-date lows. Some have billed the 2024 bitcoin halving as a seminal moment for the mining sector. Marathon, along with other mining firms, has begun diversifying its business model into ancillary operations beyond purely bitcoin mining. Sullivan continued, "Bitcoin mining sites can only be repurposed if they meet the attributes that are required for HPC.
Persons: AUSTIN , TEXAS — Adam Sullivan, bitcoin, Sullivan, they'll, it's, Core's Sullivan, Bitdeer, Needham, Haris Basit, Basit, Cantor Fitzgerald, Greg Beard, Beard, Bitdeer's, Jason Les, Les, Fred Thiel, Capex, Thiel, Stronghold's Beard, Nic Carter, Blackrock, Bill Barhydt, Barhydt, Island's Carter isn't, Carter, CoinShares Organizations: bitcoin, CNBC, JPMorgan, Cipher, Bitdeer Technologies, Mining, Miners, Riot, Island Ventures, Circuits, Nvidia, CoreWeave, Bitcoin, HPC Locations: AUSTIN , TEXAS, Texas, bitcoin, U.S, Rockdale , Texas, Singapore, Bitcoin, Hong Kong, Abra, Europe, Dalton , Georgia, North America
watch nowHELL'S GATE, Kenya — Two-and-a-half hours northwest of Nairobi by car, a small group of bitcoin miners set up shop at the site of an extinct volcano near Hell's Gate National Park. "That doesn't happen without the bitcoin miners and us being globally distributed." MacKenzie SigalosWherever the operation, bitcoin mining is a volatile business, because so much of the economics depends on the price of the cryptocurrency. Before getting into bitcoin mining, he and his two co-founders, Philip Walton and Janet Maingi, spent years building internet connectivity infrastructure in rural and urban Africa. Demand from bitcoin miners on these semi-stranded assets is making renewables in Africa economically viable.
Persons: Jack Dorsey's, MacKenzie Sigalos, Erik Hersman, Bitcoin, Gridless, Lake Naivasha, bitcoin, Adam Sullivan, Philip Walton, Janet Maingi, Michael Gottschalk, Nic Carter, Carter, Hersman, It's, it's Organizations: CNBC, Kenyan, Core, Deutsche Bank, Marathon, United Arab, Getty, Island Ventures, Miners, International Energy Agency Locations: Kenya, Nairobi, Lake Naivasha, Malawi, Zambia, Venezuela, Lebanon, Gate, Lake, U.S, Texas, Russia, China, America, Africa, Toronto, Argentina, Florida, United Arab Emirates, Paraguay, Hersman, Sudan, Iceland, El Salvador, Bhutan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJack Dorsey backed start-up taps into geothermal, hydro and solar power to run bitcoin mines across AfricaCNBC's MacKenzie Sigalos reports from just outside Nairobi, Kenya, on Gridless, a company that's using clean energy sources to power bitcoin mines that don't need to rely on the local power grid.
Persons: Jack Dorsey, Africa CNBC's MacKenzie Sigalos Locations: Africa, Nairobi, Kenya, Gridless
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Bitcoin halving is set to shake up the crypto's price and the network's minersThe Bitcoin halving takes place roughly every four years, and the technical event cuts the reward pays out to miners for validating blocks of transactions. This creates a scarcity effect that could drive up the price of the cryptocurrency, while cutting miners' revenue, meaning more efficient miners perform better post-halving. Watch the video above to learn more about what the halving means for both crypto markets, and for the bitcoin miners validating transactions on the network.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin briefly drops below $60,000 for the first time since March 5: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Tiago Sada, head of product, engineering and design at Tools for Humanity, Worldcoin's parent company, explains the identity platform's new layer 2 blockchain.
Persons: explainers, Tiago Sada Organizations: CNBC Crypto, CNBC, Humanity
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rises for a second day, and Ripple plans dollar-backed stablecoin: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, in an exclusive on-camera interview, Halimah DeLaine Prado, general counsel at Google, discusses the tech company's lawsuit against crypto scammers for allegedly uploading fake apps to the Android app store.
Persons: explainers, Halimah DeLaine Prado Organizations: CNBC Crypto, CNBC, Google
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