Market

The CFPB proposes a rule to hold crypto providers accountable for compensating users

January 12, 2025 1 min read

The Consumer Financial Protection Bureau (CFPB) has proposed a new rule to protect cryptocurrency users. This rule aims to make crypto service providers responsible for reimbursing users who lose money due to fraud or theft. While some people support this initiative, others criticize it for being unclear and possibly excluding non-custodial wallets. On January 10, the CFPB announced plans to expand the Electronic Fund Transfer Act (EFTA) to include cryptocurrency

Filipino banks to launch new stablecoin

January 11, 2025 1 min read

Several Filipino banks are set to launch a multi-bank peso stablecoin called PHPX later this year. This initiative involves UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank, and the Rural Bank of Guinobatan, with Singapore’s Just Finance leading the project. PHPX will initially run on the Hedera DLT network and aims to facilitate cross-border payments, particularly for remittances. UnionBank has a history of blockchain involvement, having created a token-based

Kraken starts notifying customers about the distribution of FTX claims

January 11, 2025 1 min read

Kraken has started distributing claims for creditors of the collapsed cryptocurrency exchange, FTX. This announcement comes from Sunil, an FTX creditor activist. Creditors who opted for Kraken to manage their claims are receiving emails confirming the completion of the onboarding process. This marks an important step in repaying creditors after FTX’s bankruptcy in 2022. BitGo, another company assigned to handle claims, will begin its distribution process soon, although no specific

Portugal’s BiG Bank blocks transfers to crypto platforms

January 9, 2025 1 min read

Banco de Investimentos Globais (BiG), a major bank in Portugal, has decided to block fiat transfers to cryptocurrency platforms. This decision is based on compliance with European regulations and has sparked discussions about Portugal’s changing attitude towards cryptocurrencies. Once a haven for crypto enthusiasts, Portugal is now tightening its regulations. BiG’s move aligns with guidelines from the European Central Bank and the Bank of Portugal, focusing on anti-money laundering and

Coinbase wins court approval to appeal key legal questions in its SEC battle

January 9, 2025 2 mins read

Coinbase has achieved a major legal win against the SEC, receiving permission to appeal crucial legal questions to a higher court. On January 7, District Judge Katherine Polk Failla paused the case, allowing Coinbase to clarify whether certain digital assets on its platform are considered securities and if these transactions require an investment contract under the Howey test. The appeal centers on Coinbase’s claim that the tokens listed on its

Ethereum co-founder Vitalik Buterin warns that superintelligent AI could arrive within years

January 6, 2025 1 min read

Vitalik Buterin, co-founder of Ethereum, has raised alarms regarding the swift evolution of artificial intelligence (AI), suggesting that superintelligent AI could emerge sooner than anticipated. In a blog post dated January 5, he advocates for “defensive acceleration” strategies to mitigate potential risks associated with AI, particularly in military contexts. Buterin emphasizes the importance of decentralized AI systems that remain closely linked to human decision-making to prevent misuse, especially given the

The developer behind the AQUA Bitcoin wallet raises $5M to develop its Liquid Network wallet AQUA

January 6, 2025 1 min read

JAN3, the creators of the Bitcoin wallet AQUA, have successfully secured $5 million in seed funding to enhance the development of their Bitcoin-centric superapp. The funding round was spearheaded by Fulgur Ventures, with participation from notable investors including Tether, Grupo Salinas, Lightning Ventures, and East Ventures. This latest funding follows an earlier pre-seed round in which JAN3 raised $620,000 in early 2023. Paolo Ardoino, CEO of Tether, highlighted the wallet’s

FDIC’s “Pause Letters” urges banks to halt crypto services

January 6, 2025 1 min read

Recent documents from Coinbase reveal that the Federal Deposit Insurance Corporation (FDIC) issued “pause letters” to banks between 2022 and 2023, advising them to halt certain cryptocurrency services until the agency could better assess associated risks. These letters specifically instructed banks to stop activities like Bitcoin transactions through third-party partnerships and advanced crypto services. Coinbase’s Chief Legal Officer, Paul Grewal, argues that these communications reflect a coordinated effort to limit

Mining company MARA (Marathon Digital) lends out 7,377 Bitcoin in 2024

January 6, 2025 1 min read

MARA, previously known as Marathon Digital, has actively engaged in Bitcoin lending throughout 2024, lending out 7,377 BTC to established third parties. The company’s vice president of investor relations, Robert Samuels, highlighted that the lending program is designed for short-term arrangements, yielding modest returns to help offset the operational costs associated with Bitcoin mining. This initiative comes in light of the challenging nature of the mining industry, particularly following the

South Korea’s Exchange Chairman plans to introduce crypto-based ETFs this year

January 6, 2025 1 min read

Eun-Bo Jeong, the Chairman of South Korea’s Exchange, has expressed a keen interest in launching crypto-based exchange-traded funds (ETFs) this year, responding to a growing global demand for such financial products. During the Securities and Derivatives Market Opening Ceremony on January 2, Jeong underscored the necessity for innovative financial solutions to rejuvenate South Korea’s capital markets, which have faced significant economic challenges over the past year, including a contracting domestic

$75 billion asset manager ProShares files for Bitcoin ETFs

January 6, 2025 1 min read

ProShares, a leading asset manager with over $75 billion in assets, is seeking approval from the SEC to launch three innovative ETFs: the ProShares S&P 500 Bitcoin ETF, ProShares Nasdaq-100 Bitcoin ETF, and ProShares Gold Bitcoin ETF. These funds aim to track the performance of their respective indices and gold, but with a unique twist—they will measure returns in Bitcoin rather than US dollars. This approach is designed to appeal

Coinbase reveals FDIC letters urging banks to pause crypto services

January 5, 2025 1 min read

Coinbase has recently revealed that the Federal Deposit Insurance Corporation (FDIC) is advising banks to temporarily suspend cryptocurrency-related activities, igniting controversy reminiscent of “Operation Chokepoint.” Critics, including leaders from Coinbase and Ripple, argue that the FDIC’s actions overstep constitutional limits and aim to suppress the cryptocurrency sector. On January 3, Coinbase’s Chief Legal Officer, Paul Grewal, disclosed that the FDIC had sent letters instructing banks to limit services related to