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NEW YORK, July 31 (Reuters) - Terraform Labs and its founder, Do Kwon, must face fraud allegations brought by the U.S. Securities and Exchange Commission, a federal judge ruled on Monday. Kwon and Terraform Labs were behind two cryptocurrencies whose implosion roiled crypto markets around the world last year. A spokesperson for Terraform Labs said the company "will continue to fight the SEC's misguided and deeply flawed allegations and legal theories." SEC attorneys in the Terraform Labs case have said that part of the ruling by Torres was wrongly decided and that SEC staff are exploring ways to have it reviewed. The case is SEC v. Terraform Labs Pte Ltd. et al., No.
Persons: Do Kwon, Kwon, Jed Rakoff, TerraUSD, Rakoff, Analisa Torres, Torres, Jody Godoy, Will Dunham, Grant McCool, Leslie Adler Organizations: YORK, Terraform Labs, U.S . Securities, Exchange Commission, U.S, SEC, U.S ., UST, Labs, District, Court, Southern District of, York, Thomson Locations: Manhattan, U.S, Southern District, New York
Bed Bath & Beyond is back from the dead
  + stars: | 2023-08-01 | by ( Parija Kavilanz | ) edition.cnn.com   time to read: +3 min
Brought back to lifeJohnson promised newness blended with familiarity for Bed Bath & Beyond customers in the latest digital-only version of the retailer. “It will have the same great bed, bath and kitchen items but it will also have a much bigger beyond,” he said. Fans of Bed Bath & Beyond’s 20%-off a single item “Big Blue” coupon will be somewhat disappointed that it will not be resurrected. “I guess what I would say about the coupon is that if you like Bed Bath & Beyond coupons in the past, you will like new Bed Bath & Beyond mobile app we will be rolling out with launch in US,” said Johnson. Bed Bath & Beyond“We’ll still be offering coupons even if they’re not as large as the 20% coupon that people expected and frankly demanded from Bed Bath & Beyond,” said Johnson.
Persons: Overstock.com, ” Jonathan Johnson, , Johnson, newness, Beyond.com, What’s, , it’s, We’ll, Beyond’s Organizations: New, New York CNN, Bed, CNN, Beyond, US Locations: New York, , New Jersey
Overstock.com's CEO told NBC News he was always jealous of Bed Bath & Beyond's iconic name. Overstock.com, led by CEO Jonathan Johnson, first bought Bed Bath & Beyond's digital assets in June after it went bankrupt earlier this year. With that purchase, Overstock has adopted Bed Bath & Beyond's brand image in place of its own — as of Tuesday, Overstock.com is out, and BedBathandBeyond.com is back in the game. "We've looked at Bed Bath and Beyond jealously for several years," Johnson told NBC News. The relaunched website allows customers to use up to $50 of their rewards points from old Bed Bath & Beyond accounts.
Persons: Overstock, Overstock.com, he's, Jonathan Johnson, We've, Johnson, Patrick Byrne's Organizations: NBC News, Service, Bed, NBC Locations: Wall, Silicon, Russian
Stablecoins are a type of cryptocurrency which aim to keep a constant value and are usually backed by traditional assets such as dollars. Tether's reserves report, signed off by accountants BDO Italia, says Tether's assets rose to $86.5 billion in the three months to June 30, 2023, up 5.7% from the previous quarter and a record high, according to previous reports on its website. Tether is a key cog in global digital asset trading, with many crypto-to-crypto trades denominated in the stablecoin. U.S. regulators have warned banks that stablecoin reserves could be subject to rapid outflows, for example if holders rushed to exchange such tokens back into traditional currency. Tether's holdings of U.S. Treasury Bills hit $55.8 billion, up 5.2% from the end of March, while non-U.S. Treasury Bills rose to $62.9 million, up more than 30% from the previous quarter, the report said.
Persons: Elizabeth Howcroft, Christina Fincher Organizations: BDO Italia, Treasury Bills, U.S . Treasury Bills, New York Attorney, Thomson Locations: . U.S, U.S
With bitcoin's price and trading volume still little changed, Bernstein is highlighting other crypto assets with good opportunities for investors. Bitcoin investors have been feeling deja vu as the setup for the next bull run takes shape. "It is time to dial up the crypto exposure, either through crypto equities or direct digital asset exposure for multi-asset strategies," he said. However, several investing themes within the market have emerged in recent years, and Bernstein has identified opportunities in specific assets to play each segment. Chhugani identified a seventh category, crypto games and prediction markets, but said market leaders in that space have yet to emerge.
Persons: Bernstein, Gautam Chhugani, Chhugani, Solana, Uniswap, Bernstein's, Ripple's XRP, Michael Bloom
Crypto firm DCG appoints M&A specialist Mark Shifke as CFO
  + stars: | 2023-07-31 | by ( ) www.reuters.com   time to read: +1 min
July 31 (Reuters) - Digital Currency Group said on Monday it had appointed Mark Shifke, a former JPMorgan Chase (JPM.N) and Goldman Sachs executive, as its chief financial officer. Shifke has almost four decades of experience in the financial industry, specializing in mergers and acquisitions, the company said in a statement. The appointment comes at a time when DCG is facing legal battles with cryptocurrency exchange Gemini, the largest creditor of DCG's bankrupt crypto lending firm Genesis. DCG owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager. "Mark brings deep finance and fintech experience, strategic vision, and overall presence as a leader to the role," DCG founder and CEO Barry Silbert said.
Persons: Mark Shifke, JPMorgan Chase, Goldman Sachs, Shifke, DCG, Barry Silbert, Jaiveer Singh, Vinay Dwivedi Organizations: Currency, JPMorgan, Thomson Locations: New York, Bengaluru
New York CNN —The Securities and Exchange Commission asked Coinbase to halt trading on all cryptocurrencies except for bitcoin before it sued the company in June, Coinbase’s chief executive told the Financial Times. The SEC’s request left Coinbase, America’s largest crypto exchange, with no choice but to take the matter to court, CEO Brian Armstrong said, because stopping those trades would have “essentially meant the end of the crypto industry in the US,” he said. “We really didn’t have a choice at that point,” Armstrong told the FT in an interview published Monday. Recounting discussions with the regulator before the lawsuit, Armstrong told the FT that Coinbase had requested clarity on how the SEC determined that every digital asset other than bitcoin is a security. The SEC disagrees, and has often said that most crypto offerings are securities that should face the same government regulations on Wall Street as stocks and bonds.
Persons: Coinbase, Brian Armstrong, , , ” Armstrong, Armstrong, we’re Organizations: New, New York CNN, Securities, Exchange Commission, Financial Times, SEC, Coinbase Locations: New York
In the latest week, bitcoin closed lower by 1.9%. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. "August is a quiet month for traditional market investors and crypto is no different," said Greg Cipolaro, global head of research at NYDIG, the crypto subsidiary of Stone Ridge Asset Management. "Historically, mean returns have waned as we go into the summer months and that may play out again in August." But even with the latest downdraft, bitcoin is still up about 77% for the year, and investors are upbeat.
Persons: it's, Greg Cipolaro, Ric Edelman, Edelman, Bitcoin, , Gina Francolla Organizations: bitcoin, Management, Digital Assets, Financial Professionals, U.S . Securities, Exchange Commission, SEC, Binance, Innovation, Technology, Century, Federal Reserve, European Central Bank, Nasdaq Locations: NYDIG, Stone, Congress, BlackRock
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX and Genesis reach agreement in bankruptcy dispute: 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, Sheila Warren, the CEO of the Crypto Council for Innovation weighs on recent digital asset regulatory developments in the United States.
Persons: explainers, Sheila Warren Organizations: CNBC Crypto, CNBC, Crypto, Innovation Locations: United States
The House Financial Services Committee advanced a measure Thursday to establish a clear regulatory framework for the issuance of payment stablecoins. The bills' approvals, after a roughly 14-month debate between committee Republicans and Democrats, can be viewed as wins for the crypto industry, whose reputation on Capitol Hill was battered by the failure of crypto giant FTX last fall. Late Thursday night, the Senate passed a massive defense funding bill that included several measures from different bills the digital-assets industry has opposed. Warren also highlighted the National Defense Authorization Act rider this week by reintroducing her bill, the Digital Asset Anti-Money Laundering Act. The House crypto bills would likely garner enough support to pass in the Republican-controlled House, but struggle to gain traction in the Democratic-controlled Senate
Persons: Elizabeth Warren, Patrick McHenry, Jim Himes, Josh Gottheimer, Crypto, Sen, Warren, Democratic Sen, Joe Manchin, Roger Marshall of, Lindsey Graham of Organizations: Banking, Housing, Urban Affairs Committee, WASHINGTON — Lawmakers, Capitol, Financial Services Committee, Financial Services, Connecticut, Republicans, Democrats, Treasury Department, Treasury, Defense, Money, Democratic, Senate, Republican Locations: Massachusetts, Washington , DC, R, New Jersey, crypto's, Roger Marshall of Kansas, Lindsey Graham of South Carolina
The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies. A handful of Democrats, including Reps. Jim Himes and Ritchie Torres, joined committee Republicans in voting for the bill. The bill has galvanized many in the crypto industry, who say that with Democrats' support, the bill could have a shot in the Senate. But some Democrats, including Representative Maxine Waters, the top Democrat on the Financial Services committee, fiercely oppose the bill. "This bill heeds the calls from the crypto industry while disregarding the views of the administration, the Securities and Exchange Commission and consumer and investor advocates," she said.
Persons: Jim Himes, Ritchie Torres, Patrick McHenry, we've, Kristin Smith, Miller Whitehouse, Levine, Maxine Waters, Waters, Sherrod Brown, Hannah Lang, Matthew Lewis, Mark Porter, Diane Craft Organizations: Capitol, Voyager, House Financial, Trading, Securities, Exchange, Republicans, Agriculture, Financial Services, Blockchain Association, DeFi, Securities and Exchange Commission, Democratic, Banking, SEC, Politico, Thomson Locations: Singapore, Australia, United States, McHenry, Washington
Many CMOs are not prioritizing Web3 right now thanks to the crypto crisis hangover, and inflation. However, some activewear and luxury brands are leveraging NFTs and the metaverse in ways other marketers can learn from. The crisis sapped the forward momentum of the emerging Web3 marketing landscape, where business leaders were eager to figure out how Bored Ape NFTs could translate to new channels to reach consumers. New tech for tech's sake is out of fashion; Web3 providers need to speak to the business problems that CMOs and their brands are facing. Moorut says that activewear and some luxury brands are among the most advanced with Web3.
Persons: Byron Sorrells, what's, Sorrells, Marija Zivanovic, Smith, Matt Moorut, Moorut, they're, Nike It's, Web3 activations, Ledger, Marie Laffont, they've Organizations: Dispatch, IEX Group, Apple, Gartner, Web3, Nike, Adidas, Lacoste
The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies. The markups - where legislation is debated and brought to a vote, paving the way for a full vote by the House of Representatives - are the first time crypto regulatory bills will be put to a vote in Congress, a victory for crypto lobbyists that have pushed lawmakers to provide regulatory clarity for the industry. His committee is expected to consider that bill during a markup on Wednesday, while the House Agriculture Committee will consider the same bill on Thursday. The bill has galvanized many in the crypto industry, who say that with Democrats' support, the bill could have a shot in the Senate. That effort escalated last month when the SEC sued crypto exchanges Coinbase (COIN.O) and Binance for failing to register some crypto tokens.
Persons: we've, Kristin Smith, Sherrod Brown, Patrick McHenry, McHenry, Miller Whitehouse, Levine, Maxine Waters, Waters, Hannah Lang, Matthew Lewis, Mark Porter Organizations: Capitol, Voyager, Financial, U.S ., Representatives, Blockchain Association, Democratic, Banking, Trading, Securities, Exchange, DeFi, SEC, Financial Services, Securities and Exchange Commission, Politico, Thomson Locations: Singapore, Australia, United States, McHenry, Washington
The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies. Still, it remains to be seen if the bills will garner any Democratic support, a factor seen by many as crucial to the bills' ultimate chances of becoming law. His committee is expected to consider that bill during a markup on Wednesday, while the House Agriculture Committee will consider the same bill on Thursday. The bill has galvanized many in the crypto industry, who say that with Democrats' support, the bill could have a shot in the Senate. That effort escalated last month when the SEC sued crypto exchanges Coinbase (COIN.O) and Binance for failing to register some crypto tokens.
Persons: we've, Kristin Smith, Sherrod Brown, Patrick McHenry, Miller Whitehouse, Levine, Maxine Waters, Waters, McHenry, Hannah Lang, Matthew Lewis Organizations: Capitol, Voyager, Financial, U.S ., Representatives, Blockchain Association, Democratic, Banking, Trading, Securities, Exchange, DeFi, SEC, Financial Services, Politico, Thomson Locations: Washington
Banking titans such as JPMorgan and Citi want to supercharge Wall Street by borrowing a tool from crypto — tokenizing assets on a blockchain. The firm projects $5 trillion in assets could be tokenized on blockchains over the next five years. It takes time to transfer ownership of an asset on Wall Street. U.S. agencies like the Securities and Exchange Commission are cracking down on crypto companies. Watch the video above to learn why big banks are spending millions on tokenization.
Persons: Elliot Han, Cantor Fitzgerald, Bernstein, Banks, James Angel, Gary Gensler Organizations: Banking, JPMorgan, Citi, Georgetown University, Securities and Exchange Commission Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRep. French Hill: Digital assets bills will provide regulatory framework and clarity to the marketsHouse Financial Services Committee vice chair and chair of the Digital Asset Committee Rep. French Hill (R-Ark.) joins 'Squawk Box' to discuss two new digital assets bills crafted by the Agriculture and Financial Services Committees, which seeks to establish a regulatory framework for crypto and spur innovation while protecting consumers and market participants, possible impeachment inquiry into President Biden, and more.
Persons: Biden Organizations: Rep, Financial, Digital, Agriculture
July 25 - XRP has become the unlikely white knight of crypto, thwarting its regulatory foes and dragging the market out of the doldrums. Its market cap has ballooned to $36 billion from $25 billion and its crypto market share to 3.5% from 2% before the ruling, according to CoinMarketCap. The market cap of XRP, the token issued by Ripple, increased by more than 60% after a U.S. judge ruled in its favour. XRP VS STABLECOINSIt's certainly not all smooth sailing for Ripple, or altcoins more generally, though. Ripple Labs said last week that its pursuit of sound crypto regulation in the U.S. was far from concluded.
Persons: XRP, it's, Matteo Greco, Ben Weiss, STABLECOINS, stablecoins, Joseph Edwards, Edwards, Lisa Pauline Mattackal, Medha Singh, Pravin Organizations: Ripple Labs, Fineqia, SEC, Enigma Securities, Pravin Char, Thomson, Reuters Locations: U.S, cryptoland, altcoins, ethereum, Bengaluru
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin drops to $29,000, and OpenAI's Sam Altman launches Worldcoin: 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, William Peck, head of digital assets at WisdomTree, explains the firm's vision for tokenization.
Persons: OpenAI's Sam Altman, explainers, William Peck Organizations: Worldcoin, CNBC Crypto, CNBC
Fundstrat said a bitcoin ETF from BlackRock could drive a boost in daily demand for the crypto token. If the SEC approves a bitcoin ETF from BlackRock, it could lead to the largest ETF launch ever. A bitcoin ETF could add an extra $100 million in incremental daily demand for bitcoin, according to the note. "This [bitcoin ETF launch] would bring daily demand to $125 million, while daily supply is only $25 million. "We anticipate [a bitcoin ETF] would attract new investors and generate increased demand for bitcoin," Farrell said.
Persons: Fundstrat, halvening, Sean Farrell, Farrell Organizations: SEC, ETF, Service, bitcoin, BlackRock, Fidelity, Chartered Locations: BlackRock, Wall, Silicon
Indonesia launches new crypto bourse, clearing house
  + stars: | 2023-07-21 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Dado Ruvic/Illustration//JAKARTA, July 21 (Reuters) - Indonesia has launched a national crypto asset bourse to provide regulators with transaction records and better protect crypto investors, the government announced this week. The launch of the exchange and clearing house is also intended to strengthen monitoring of the booming sector amid a transition in regulatory oversight, according to the Commodity Futures Trading Regulatory Agency (Bappebti). Rising global interest rates have, however, dampened demand for crypto assets in recent months. The new bourse will list existing licensed crypto companies, such as Binance's Tokocrypto, Indodax and others as traders. PT Bursa Komoditi Nusantara will run the bourse and PT Kliring Berjangka Indonesia will clear transactions there, Bappebti chief Didid Noordiantmoko said in a statement.
Persons: Dado Ruvic, Didid Noordiantmoko, Bernadette Christina Munthe, Gayatri Suroyo, Kanupriya Kapoor Organizations: REUTERS, Commodity, Trading Regulatory Agency, Bursa Komoditi Nusantara, bourse, Kliring Berjangka, Tennet Depository Indonesia, Financial Services, Thomson Locations: JAKARTA, Indonesia, Indodax, Bursa, Kliring Berjangka Indonesia, Bappebti
Coinbase is a crypto conundrum, squared
  + stars: | 2023-07-20 | by ( Anita Ramaswamy | ) www.reuters.com   time to read: +7 min
Shares in Coinbase got a major boost after money management behemoth BlackRock (BLK.N) applied to launch a bitcoin-backed exchange-traded fund this month with Coinbase as its custodian. Coinbase shares are up nearly 54% in July, handily beating the tech-heavy Nasdaq Composite Index (.IXIC), which rose 4%. Price targets range widely: analysts polled by Refinitiv think Coinbase is worth anywhere from $8 billion to nearly $50 billion. Coinbase investors would therefore be unwise to count on a judge delivering Coinbase a win. Given bitcoin’s current $584 billion market capitalization, that suggests $74 billion of ETFs would not be much of a stretch.
Persons: Brian Armstrong, Coinbase, behemoth BlackRock, , Gary Gensler, there’s, Goldman Sachs, Cowen, Refinitiv, Armstrong, Sam Bankman, Larry Fink, Charles Schwab, doubters, Ripple, John Foley, Streisand Neto Organizations: YORK, Reuters, Securities and Exchange, Nasdaq, SEC, Citigroup, Commodity Futures, BlackRock, Bank, New York Mellon, Interactive, Securities and Exchange Commission, Thomson Locations: Washington, United States, U.S
Nasdaq is pausing its plans to release a crypto custody business, CEO Adena Friedman said on the company's earnings call Wednesday. "However, we continue to build and deliver technology capabilities that position Nasdaq as a leading digital asset software solutions provider to the broader global industry." Nasdaq still provides the company listing for Coinbase and filed the paperwork for recent bitcoin ETF applications from BlackRock and others. The exchange operator first revealed plans to develop the custody solution in September along with the formation of its crypto business, Nasdaq Digital Assets. Efforts have been underway this year to create new solutions that decouple the trading and custody functions of crypto exchanges.
Persons: Adena Friedman, we've, Coinbase, Friedman Organizations: Nasdaq, Nasdaq Digital Assets, New York Department of Financial Services Locations: BlackRock
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEther reclaims $1,900, and Nasdaq halts crypto custody plans: 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, Apple App Store founding director Phillip Shoemaker weighs in on Google Play announcing a major shift in its policy. It will now allow developers to incorporate digital assets, like NFTs, into their apps and games in the store.
Persons: explainers, Phillip Shoemaker Organizations: Nasdaq, CNBC Crypto, CNBC, Apple, Google
Coinbase CEO to meet US House Democrats on Wednesday
  + stars: | 2023-07-18 | by ( ) www.reuters.com   time to read: +1 min
July 17 (Reuters) - Coinbase (COIN.O) Chief Executive Brian Armstrong will meet privately with a group of U.S. House of Representatives Democrats on Wednesday morning and plans to make remarks on the future of digital asset legislation. At the meeting, Armstrong will also touch upon related issues, such as tax, national security, privacy, and climate, a New Democrat Coalition spokesperson said in an emailed statement. Coinbase did not immediately respond to a request for comment outside business hours. Both Coinbase and Binance deny the SEC's allegations and have pledged to vigorously defend themselves in court. Armstrong is an outspoken SEC critic who has called SEC Chair Gary Gensler an "outlier" among Washington policymakers.
Persons: Brian Armstrong, Armstrong, Coinbase, Binance, Gary Gensler, Mrinmay Dey, Shubhendu, Jacqueline Wong, Edwina Gibbs Organizations: . House, U.S . Securities, Exchange Commission, New Democrat Coalition, SEC, Shubhendu Deshmukh, Thomson Locations: Washington, Bengaluru
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin dips below $30,000, and Gensler says SEC 'disappointed' with part of XRP ruling: 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, co-founder and CEO of CoinRoutes, weighs in on why crypto stocks have been outperforming digital assets.
Persons: Gensler, explainers, Dave Weisberger Organizations: SEC, CNBC Crypto, CNBC
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