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☆ Crypto exchange Gemini to soon operate in the UAE
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Gemini will "soon" start the process of buying a crypto license to operate in the United Arab Emirates, and the team has met stakeholders throughout the region to learn more about local regulatory requirements, the crypto exchange said late on Wednesday. Gemini, founded by cryptocurrency pioneers and identical twins Cameron and Tyler Winklevoss, is aiming for the "adoption of crypto globally across 20 countries." "By applying for a license, we will be taking another step towards making Gemini a truly global company," the exchange said in a blog post. Digital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried's crypto exchange FTX and companies are looking to expand their global footprint amid escalating tensions between the crypto sector and regulators in the United States. Gemini, earlier in May, also launched a derivatives platform for trading perpetual futures, outside the U.S. jurisdiction.

Persons: Cameron, Tyler Winklevoss, Sam Bankman, Mrinmay Dey, Nivedita Organizations: United Arab, Gemini, UAE . Digital, Thomson Locations: United Arab Emirates, UAE, Gulf, United States, Bengaluru

Companies Coinbase Global Inc FollowMay 30 (Reuters) - A former product manager for Coinbase Global Inc (COIN.O) and his brother have agreed to settle U.S. Securities and Exchange Commission (SEC) charges related to insider trading of crypto asset securities. A lawyer for Ishan Wahi declined to comment on the settlement. Ishan Wahi was sentenced to two years in prison earlier this month. In January, Nikhil Wahi was sentenced to 10 months in prison. In pleading guilty to the criminal charges, Ishan Wahi said he did not believe any of the relevant tokens were securities.

Persons: Ishan Wahi, Nikhil Wahi, Gurbir Grewal, Nikhil, ”, Kanishka Singh, Chris Prentice, Hannah Lang, Bill Berkrot, Cynthia Osterman Organizations: Coinbase, Coinbase Global Inc, U.S, Securities, Exchange Commission, SEC, Thomson

☆ Bitcoin rises as investors await vote on tentative debt ceiling agreement
▼ + stars: | 2023-05-30 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

On Monday, bitcoin rose as high as $28,461.45, while ether reached a high of $1,928.16. The cryptocurrencies began climbing Saturday evening after House Republicans reached a tentative deal with the White House to raise the nation's debt ceiling and avoid a default. As the debt ceiling negotiations weighed on crypto investors last week, the minutes of the latest Federal Reserve meeting also showed central bank officials are divided on where to go with interest rate hikes. Bitcoin and ether are on pace for their worst month since November, down 5% and up less than 1%, respectively. For the quarter, bitcoin is down 2%, after finishing the first quarter up 71%.

☆ Just what is phygital art, and why is Dubai going big on it?
▼ + stars: | 2023-05-29 | by ( Mark Tutton | ) edition.cnn.com time to read: +8 min

CNN —“Phygital art” may not be the most elegant phrase in the English language, but it is generating a buzz in certain circles. The Art Dubai international fair has a digital component exploring new media and technology trends, including phygital works. Separately, Christie's hosted its Art + Tech Summit at Art Dubai this year. Pablo del Val: Phygital works of art can also be NFTs, but a phygital work of art doesn’t necessarily need to be an NFT. Cedric Ribeiro/Getty Images Europe/Getty Images for Art DubaiWhy is phygital art important to you?

☆ Hundreds of songs using Grimes' AI vocals are on the way. One artist said it's a 'dream come true.'
▼ + stars: | 2023-05-27 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Hundreds of songs using AI vocals that sound like musician Grimes are set for release. It comes after Grimes said she'll split 50% of royalties for approved AI songs. One artist who's produced an approved song said it's a "dream come true." Hundreds of songs made using Grimes' AI vocal platform are set to hit Spotify and other streaming sites next month, the digital asset management platform CreateSafe said. "To have an official release with somebody that has influenced my musical identity, especially an AI release, is really just a dream come true.

☆ A husband hid $500,000 in bitcoin during a divorce — and got busted by a crypto hunter
▼ + stars: | 2023-05-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +23 min

Thumb drive-size devices, such as a Trezor or Ledger, offer another way to secure crypto tokens cold by safeguarding both the crypto itself and the keys to access it. Transfers of digital assets between chains has helped to expand the crypto market by giving people more ways to pay and transact. With crypto staking, investors typically vault their crypto assets with a blockchain validator, which verifies the accuracy of transactions on the blockchain. The tax implications are another major consideration when choosing how to divide crypto assets. I think the people that are interested in digital assets are going to continue to be interested in digital assets," she said.

☆ 'He lied to us about what he was doing and who he was': Anthony Scaramucci reflects on the top 3 lessons he wants all investors to learn from his experience with Sam Bankman-Fried.
▼ + stars: | 2023-05-19 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

Anthony Scaramucci's investment firm SkyBridge Capital had a rough run in 2022 after being burned by the collapse of the bankrupt crypto exchange FTX. Scaramucci told Insider that the amount of leverage in the system and the tax-loss selling in December depressed their overall performance. Still, there are spillover effects — and lessons — from last year's debacle with FTX that Scaramucci and SkyBridge are working through. Lessons learned from the FTX debacleLast year, Sam Bankman-Fried through FTX, the crypto exchange he founded, bought 30% of SkyBridge for $45 million. And finally, as the majority shareholder of the firm, Scaramucci holds the right of refusal to reject any transfer of the shares.

☆ WisdomTree's William Peck discusses the benefits of tokenization
▼ + stars: | 2023-05-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWisdomTree's William Peck discusses the benefits of tokenizationWilliam Peck, head of digital assets at WisdomTree, sits down with Crypto World at Digital Assets Week in San Francisco to discuss the benefits and future of tokenization.

☆ Australian stock exchange says software overhaul won't involve blockchain
▼ + stars: | 2023-05-19 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

SYDNEY, May 19 (Reuters) - Australia's stock market operator said it will no longer attempt to rebuild its software platform with blockchain-based technology, one of the highest-profile repudiations of the once-feted concept best known for powering cryptocurrency. Until now, ASX has said it may resurrect the project using blockchain-based technology developed by New York-based contractor Digital Asset. Digital Asset, in which ASX bought a small stake after hiring it to rebuild its software in 2016, was not immediately available for comment. Whiteley told the meeting ASX was on track to decide a new strategy by year-end. Market participants had told ASX they did not want a risky, single-date changeover to new software, and "that feedback has been taken into the implementation planning", Whiteley said.

☆ Crypto’s biggest headwinds this year are hurting stablecoins. Here’s what investors need to know
▼ + stars: | 2023-05-19 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Stablecoins are like cash in crypto markets: They are supposed to be pegged to the value of a stable asset, such as the U.S. dollar. Stablecoins play an important role bridging traditional and digital currencies and giving market participants access to crypto trading and protocols. For many, that makes them a proxy for the amount of fiat money entering and leaving crypto, Panigirtzoglou said. Republican negotiators walking out of the high-stakes debt ceiling talks Friday also has implications for stablecoins. Tether and Circle's USDC hold about 65% and 57%, respectively, of their stablecoin reserves in T-bills, according to the companies' attestation reports.

☆ Ripple CEO says more crypto firms may leave U.S. due to 'confusing' rules
▼ + stars: | 2023-05-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

watch now"Confusing" regulations in the U.S. will push more crypto companies to leave the U.S. as firms like Ripple look to hire and invest outside the country, the CEO of blockchain services company Ripple told CNBC in an exclusive interview. Brad Garlinghouse CEO, RippleThe Metaco acquisition is expected to expand Ripple's suite of products and allow it to access an attractive clientele that includes Citi and BNP Paribas. "We think Metaco is a perfect fit, from where we're trying to grow our customers today," said Garlinghouse. The SEC has accused Ripple, Garlinghouse and the firm's co-founder Chris Larsen, of breaching securities laws by selling XRP without first registering it with the SEC. The U.S. has also accused Binance, the world's largest crypto exchange, of violating compliance rules to solicit American customers.

☆ Bankman-Fried faces long odds of tossing charges despite Supreme Court decision
▼ + stars: | 2023-05-17 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +4 min

But legal experts said Bankman-Fried's odds of getting the charges dismissed remain slim. Days later, the U.S. Supreme Court invalidated that theory known as "right to control" when it overturned the conviction of a Buffalo construction executive accused of bid-rigging. The Court said the theory is "inconsistent with the structure and history of the federal fraud statutes." Officials say Bankman-Fried portrayed FTX as a safe, responsible platform in the volatile sector, even as he was diverting customer funds. Even if the bank fraud count is dismissed, Bankman-Fried would still face 12 other counts at his Oct. 2 trial.

Two crypto platforms, Voyager and Bittrex, have recently declared bankruptcy, and investors no longer have access to their crypto. To keep your crypto safe with other platforms, consider "cold storage," which refers to keeping your crypto offline. The Voyager and Bittrex bankruptcies are part of a prolonged "crypto winter" along with other crypto company bankruptcies of the past year, including FTX, Celsius, and more. Globally, countries are evaluating Central Bank Digital Currencies, the development of which you can track via the Atlantic Council's website. Regardless of the crypto winter and continuing cascade of crypto platform bankruptcies, digital currencies aren't going anywhere anytime soon.

LONDON, May 17 (Reuters) - U.S. crypto firm Ripple has bought Switzerland-based crypto custody firm Metaco for $250 million, in its first major acquisition, Ripple said on Wednesday. Investor interest in crypto assets has cooled following a drop in cryptocurrency prices in 2022 and series of collapses at major crypto firms, including U.S. exchange FTX. Investors have become increasingly cautious about where and how crypto assets are stored, after crypto platforms freezing withdrawals left them facing large losses. Ripple CEO Brad Garlinghouse said he expected increased demand from institutional investors for crypto custody services. More than half of the $250 million acquisition was paid for in cash, and the rest in equity, Ripple said.

☆ Crypto firm Ripple buys Swiss startup as SEC crackdown forces companies to consider overseas moves
▼ + stars: | 2023-05-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Ripple CEO Brad Garlinghouse speaks during the Milken Institute Global Conference in Beverly Hills, California, on Oct. 19, 2021. "This is the largest deal we've seen in the last year," Brad Garlinghouse, CEO of Ripple, told CNBC on a call Tuesday. Garlinghouse said last week that the firm will have spent $200 million in total defending itself against the SEC lawsuit. Numerous crypto industry insiders have been calling for a clear regulatory framework from the U.S. Congress to help give companies clarity over how they can operate in a way that's legally sound. WATCH: Ripple will have spent $200 million fighting SEC lawsuit, CEO says

☆ It’s been a month since the big Shapella upgrade. Here’s how Ethereum has changed since then
▼ + stars: | 2023-05-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

A little over a month ago, Ethereum underwent a major technology upgrade that allowed investors to withdraw their "staked," or locked up, coins on the network for the first time ever. The change, known as Shanghai or Shapella, was meant to bring more liquidity to the network by allowing investors to withdraw their staked assets. The total value of ether staked has risen, while the supply has fallen dramatically. Here's what else has happened in the month since Shapella: 1. So far, however, ETH fees have outpaced the growth in the amount of ether staked, leading to higher yields, he said.

Major players are hoping that the SEC and Washington takes, what crypto watchers see as bluffs, seriously and soften the hard line that regulators have taken on the industry. Coinbase CEO Brian Armstrong said last week that the SEC was on a "lone crusade" with its tough actions against certain crypto companies. "The SEC is a bit of an outlier here," Armstrong told CNBC's Dan Murphy in an interview in Dubai. But he's created some lawsuits, and I think it's quite unhelpful for the industry in the U.S. writ large." "The biggest fear of crypto companies is that regulation will cause panic among crypto investors and prices will go down.

☆ Binance pulls out of Canada amid new crypto regulations
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +2 min

May 12 (Reuters) - Binance said on Friday it was withdrawing from Canada, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations. Canada has tightened regulations for crypto asset trading platforms in recent months, with the introduction of a pre-registration process. The companies that do not adhere to the rules will face potential enforcement action, according to the website of the Ontario Securities Commission. "Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time," crypto exchange Binance said in a tweet. Binance said it does not agree with the latest guidance and hopes to engage with the Canadian regulators to create a comprehensive framework for crypto operations in the country.

☆ Watch CNBC's full interview with BitGo CEO Mike Belshe at Digital Assets Week
▼ + stars: | 2023-05-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with BitGo CEO Mike Belshe at Digital Assets WeekMike Belshe, CEO of BitGo, discusses the future of tokenization on Wall Street and how uncertainty around U.S. crypto regulation is affecting the industry.

☆ Ex-Coinbase Worker Gets Two-Year Prison Term in First Cryptocurrency Insider-Trading Case
▼ + stars: | 2023-05-09 | by ( James Fanelli | ) www.wsj.com time to read: 1 min

Crypto imploded in 2022, as investors lost faith in digital assets and the industry was plagued with crisis. But unlike other collapses, it has largely avoided rippling into other markets. Illustration: Mallory BranganA former Coinbase employee was sentenced to two years in prison for his role in what federal prosecutors called the first-ever insider-trading case involving cryptocurrency. Ishan Wahi , 32 years old, previously pleaded guilty in a New York federal court to two counts of conspiracy to commit wire fraud for tipping off his brother and a friend to confidential information that he gained at his job at the crypto exchange. The tip recipients, co-defendants in the case, used the information to trade on digital tokens, making nearly $1.5 million in profits, according to federal prosecutors from the Manhattan U.S. attorney’s office.

Prosecutors have until May 29 to respond to Bankman-Fried's dismissal request, and Kaplan will hear arguments on June 15. EXTRADITIONBankman-Fried has acknowledged that FTX had inadequate risk management but denies stealing funds, and has sought to distance himself from FTX's day-to-day operations. In pleading guilty, Singh admitted to making political donations in his own name that were funded in part by transfers from Alameda. "The campaign finance allegations reveal, yet again, the consequences of the Government's rush to indict Mr. Bankman-Fried," his lawyers wrote. Bankman-Fried has largely been confined to his parents' home since his December arrest in the Bahamas, where he had lived and where FTX was based.

FTX imploded after a flurry of customer withdrawals in the wake of reports it had commingled assets with Alameda Research, Bankman-Fried's crypto-focused hedge fund. The Massachusetts Institute of Technology graduate has pleaded not guilty to 13 counts of fraud and conspiracy. He has acknowledged that FTX had inadequate risk management but denies stealing funds, and has sought to distance himself from FTX's day-to-day operations. Three onetime close associates - former Alameda co-chief executive Caroline Ellison, former FTX technology chief Gary Wang, and former FTX engineering chief Nishad Singh - have all pleaded guilty and agreed to cooperate with prosecutors. Bankman-Fried has limited access to technology, after prosecutors warned he might tamper with witnesses.

May 9 (Reuters) - Digital stablecoin tether is winning the race for the title of the crypto world's "least risky" asset. Tether is already the top performer among stablecoins -- digital tokens pegged to some fiat asset like the dollar -- and has seen its market value soar since March. Buying tether and bitcoin is really a vote against the U.S. system," says Jensen. On CoinMarketCap's database of 23,891 tokens, tether has risen to number 3 with a market cap of $82 bln and a share of 6.83%. NO NEWS IS GOOD NEWSTo be sure, tether has long been dogged by doubts about its peg being backed by dollar reserves.

Companies Coinbase Global Inc FollowNEW YORK, May 9 (Reuters) - Ishan Wahi, a former Coinbase Global Inc (COIN.O) product manager, was sentenced on Tuesday to two years in prison in what U.S. prosecutors have called the first insider trading case involving cryptocurrency. U.S. District Judge Loretta Preska sentenced Ishan Wahi, 32, in Manhattan federal court after the defendant pleaded guilty in February to two counts of conspiracy to commit wire fraud. Nikhil Wahi pleaded guilty in September to a wire fraud conspiracy charge, and in January was sentenced to 10 months in prison. At Tuesday's hearing, Ishan Wahi expressed remorse for his actions and their effect on his friends and family, several of whom were in court. Prosecutors had called for Ishan Wahi to spend more than three years in prison to deter other cryptocurrency insiders from misusing corporate information.

☆ Grayscale moves to expand ETF business as legal fight over spot bitcoin fund continues
▼ + stars: | 2023-05-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The expansion comes as Grayscale is embroiled in a lawsuit with the Securities and Exchange Commission over the company's attempt to convert its $17 billion Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF. The SEC has repeatedly declined to approve spot bitcoin products, citing concerns about manipulation in the underlying crypto market. One of the new ETFs that Grayscale filed for on Tuesday could be seen as something of a substitute for a spot bitcoin fund. The Grayscale Global Bitcoin Composite ETF, which would have the ticker "BTC" upon launch, would invest in spot bitcoin products outside the U.S. as well as the equities of bitcoin mining companies. The other prospective funds are the Grayscale Ethereum Futures ETF (ETHG) and the Grayscale Privacy ETF (PRVC).

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