Author: James Wilson

Article written by James Wilson

US Congress examines real-world asset tokenization

June 6, 2024 1 min read

The US Financial Services House Committee convened a hearing to discuss the possibilities of tokenization of real-world assets (RWA) and derivative products, with a specific emphasis on the need for additional regulations. The key participants were Carlos Domingo, who is the Co-founder and CEO of Securitize, and Robert Morgan, who serves as the CEO of the USDF Consortium. Lilya Tessler and Nadine Chakar, who are professionals in the financial field,

Ethena Labs’ USDe stablecoin hits $3 billion supply in just four months

June 3, 2024 1 min read

Ethena Labs’ USDe stablecoin, sometimes referred to as a ‘synthetic dollar’, has achieved a supply of $3 billion after a just four months of its public debut. Since its launch in February, the stablecoin has seen significant expansion, with its token value approaching $3 billion. This rise may be attributed to its distinctive arbitrage mechanisms and the cash-and-carry transaction, which generates profits. USDe’s supply has climbed by $1 billion since

Mastercard launches Crypto Credential, enabling simple, secure crypto transactions with aliases

May 31, 2024 1 min read

Mastercard has implemented the Crypto Credential functionality, which allows customers to transmit and receive bitcoins using uncomplicated aliases rather than intricate blockchain addresses. The peer-to-peer (P2P) functionality is now accessible on many cryptocurrency exchanges, such as Bit2Me and Lirium. Mastercard’s Crypto Credential simplifies blockchain transactions by authenticating user identities and assuring interoperability between digital assets and recipient wallets. Additionally, it facilitates the transfer of Travel Rule data to ensure transparency

Uniswap challenges the SEC’s Wells notice, arguing that legal action isn’t the solution

May 23, 2024 1 min read

In response to the SEC Wells notice, Uniswap Labs argues against enforcement. On Tuesday, Uniswap described why the SEC should not sue in a 43-page filing. As a non-traditional exchange, Uniswap claimed that the SEC cannot control bitcoin, ether, or stablecoins, its principal trading assets. Uniswap calls these assets stablecoins, utility tokens, and commodities, not securities. Uniswap noted its decentralization, not maintaining user accounts or collecting personal data. Uniswap claims

New York AG announces a $2 billion settlement with Genesis to repay creditors

May 21, 2024 2 mins read

New York Attorney General Letitia James announced a large Genesis bankruptcy settlement on Monday. The settlement creates a “Victims Fund” from Genesis’ residual assets to reimburse creditors. Unless digital asset prices cover losses, the fund will get up to $2 billion to reimburse creditors. Genesis’ parent firm, Digital Currency Group, challenged this settlement, but a bankruptcy court approved it last Friday. The February settlement forces Genesis to stop doing business

Union’s new protocol promises seamless blockchain interoperability

May 20, 2024 2 mins read

Union’s permissionless technology promises seamless communication across major blockchain ecosystems. Since Bitcoin’s 2009 launch and the subsequent innovation boom, the web3 sector has encountered several obstacles. Blockchain programmers face scalability and interoperability difficulties in addition to regulators, user experience, and criminal actors. Industry development requires blockchain interoperability. The World Economic Forum’s 2020 whitepaper advised against platforms that impede future cooperation. Imagine using Gmail and not being able to email Yahoo;

The Senate voted 60-38 to overturn the SEC’s crypto rule SAB 121

May 18, 2024 2 mins read

H.J. Res 109 overturned the US SEC‘s contentious Staff Accounting Bulletin No. 121 60-38 in the US Senate. After House approval, this bipartisan decision challenges the SEC’s crypto policy. Financial institutions must incorporate consumers’ digital assets on their balance sheets under SAB 121, launched in March 2022. Critics say this overburden crypto companies and threatens consumer assets after bankruptcy. Senator Cynthia Lummis spearheaded the resolution’s approval, warning against SAB 121.

The US SEC urges court to dismiss Coinbase’s appeal in a heated crypto regulation dispute

May 13, 2024 1 min read

In a court brief submitted on Friday, the Securities and Exchange Commission (SEC) formally petitioned a judge to reject Coinbase’s request for an early appeal. The legal dispute between Coinbase and the SEC started around one year ago, when the SEC accused Coinbase of engaging in illicit operations without proper registration and contravening securities laws via its Staking business. The SEC’s brief argues that Coinbase’s dissatisfaction with the first rejection

UK moves to regulate crypto staking and stablecoins, aiming to boost its global finance hub status

May 9, 2024 2 mins read

The UK is preparing to implement significant regulations regarding crypto staking and stablecoins as part of its ambitious goal to establish itself as a global leader in the crypto industry. During the Financial Times Crypto and Digital Asset Summit, Economic Secretary Bim Afolami emphasized the need of implementing these regulations. Afolami is certain that the government has the ability to enact legislation on crypto staking and stablecoin, which are of

This Bitcoin investor faces extradition after Spain arrest for alleged $50M tax evasion

May 3, 2024 1 min read

Roger Ver, a Bitcoin investor, was apprehended in Spain for tax evasion, as stated by the U.S. Department of Justice. The Department of Justice (DOJ) seeks to extradite Ver to the United States in order to prosecute him for evading $50 million in taxes. After acquiring citizenship in St. Kitts and Nevis in 2014, the user operated MemoryDealers.com and Agilestar.com. According to the DOJ, he is accused of not paying

Shiba Inu secures $12M to develop a pioneering layer 3 blockchain

April 24, 2024 1 min read

Key crypto venture investors spend $12 million in Shiba Inu’s blockchain initiative. This investment strengthens the Shiba Inu crypto ecosystem, which includes the SHIB token, by developing its layer 3 blockchain. Polygon Ventures, Mechanism Capital, and Animoca Brands contributed to a TREAT token pre-sale. These investments show faith in the project’s crypto innovation potential. Fully Homomorphic Encryption will enable computations on encrypted data making the forthcoming blockchain secure and private.

FTX exchange investors might drop lawsuit against SBF if he aids case against celebrity endorsers

April 22, 2024 1 min read

FTX exchange investors are willing to drop their case against Sam Bankman-Fried provided he assists in legal proceedings against celebrities who endorsed the exchange. The proposed settlement included Bankman-Fried offering significant evidence against Tom Brady, Shaquille O’Neal, and Gisele Bundchen, who are accused of sponsoring a Ponzi scheme. As per the suggested agreement, Bankman-Fried would provide comprehensive information on FTX’s activities and associated entities, provide relevant investment records, and submit