Bitcoin (BTC)

$ 68,887.46

Ethereum (ETH)

$ 3,842.84

Cardano (ADA)

$ 0.454287


$ 0.523735

Litecoin (LTC)

$ 84.63

Stellar (XLM)

$ 0.107113

SEC sues Do Kwon, Paxos at trial, VPN by SBF: Hodlers...

Published on

February 19, 2023
Read Time:6 Minute, 44 Second

Prime tales of this week

Paxos "categorically" disagrees with the SEC that BUSD is a safety

The United States Securities and Exchange Commission (SEC) has defined stablecoin Binance USD (BUSD) as a security in a notice from Wells to its issuer, Paxos Trust Company. The SEC alleges the organization failed to register BUSD under federal securities laws. However, the company "categorically" disagrees with the agency's view and is prepared to "vigorously pursue" the matter in US courts. Also this week, Paxos received an order from the New York Treasury Department to stop issuing new BUSD tokens. The department reportedly received a complaint from Circle — another stablecoin issuer — last year claiming that Binance's reserves were insufficient to support BUSD.

SEC sues Do Kwon and Terraform Labs for fraud

The U.S. Securities and Exchange Commission has also filed a lawsuit against Terraform Labs and its founder, Do Kwon, for allegedly “orchestrating a multi-billion dollar cryptocurrency fraud.” The regulator said Kwon and Terraform offered and sold an "interconnected suite of crypto-asset securities, many in unregistered transactions." It pointed to the company's now-collapsed algorithmic stablecoin, TerraClassicUSD (USTC), and its related cryptocurrency, Terra Classic (LUNC). The lawsuit seeks charges of violating the registration and anti-fraud provisions of the securities laws.

also read


Wild, Wild East: Why the ICO boom in China refuses to die


The road to Bitcoin adoption is paved with whole numbers

Federal judge hints at denying Sam Bankman-Fried all internet access as a condition of bail

Sam Bankman-Fried appeared in court for the first time in days after using a VPN for allegedly watching football. Prosecutors claim the use of a VPN raised "several potential concerns" after the former CEO contacted potential witnesses in his criminal case earlier this month. Prosecutors want Bankman-Fried banned from using cell phones, tablets, computers, or the internet, which means no more use of League of Legends or any other video game. In FTX's bankruptcy news, a federal judge authorized the release of the names of the guarantors for the $250 million bond. Bankman-Fried's criminal trial is scheduled to begin in October while FTX's bankruptcy proceedings are pending.

El Salvador opens a “Bitcoin Embassy” in the United States

A “Bitcoin Embassy” is opened by El Salvador in the United States. Ambassador Milena Mayorga said the state representative office and the state of Texas will work on new joint projects to encourage Bitcoin adoption. In another headline, the International Monetary Fund advised El Salvador to reconsider plans to increase Bitcoin exposure, citing the "speculative nature" of crypto markets and their implications for fiscal sustainability and consumer protection. Bitcoin has been legal tender in El Salvador since 2021.

Celsius accepts NovaWulf's offer to exit bankruptcy

Bankrupt crypto lender Celsius Network has selected NovaWulf Digital Management as a sponsor for its proposed Chapter 11 restructuring plan, which would see the investment advisory firm take over operations of a new company, from which most former Celsius clients are estimated to recoup up to 70% their funds. The proposed plan has the support of the unsecured creditors' committee and would see the creation of a new public platform called NewCo wholly owned by Earn creditors. Six companies have submitted bids for Celsius crypto assets, including Binance and Galaxy Digital.

Winner and Loser

Bitcoin at the end of the week (Bitcoin) is at $24,372ether (ETH) at $1,694 And XRP at $0.39. The total market capitalization is at $1.11 Trillion, after to CoinMarketCap.

Among the many high 100 cryptocurrencies, the highest three altcoin gainers of the week are Filecoin (FIL) 51.13% Web computer systems (ICP) at 46.86% and Astar (ASTR) at 43.80%.

The highest three altcoin losers of the week are The Graph (GRT) at -1.62%, Nexo (NEXO) at -1.49% and ONE BUT LEO (LION) at -1.05%.

For extra info on crypto costs, see Cointelegraph's Market Evaluation.

additionally learn


Crypto within the Philippines: Want is the Mom of Adoption


Regardless of the dangerous popularity, NFTs could be a power for good

Most Memorable Quotes

"Paxos categorically disagrees with SEC officers as a result of BUSD isn't a safety below federal securities legal guidelines."

Paxos Belief FirmIssuer of the stablecoin Binance USD

“However regulation via enforcement, which does not assist shoppers and drives innovation overseas, is not the reply. Get it proper when staking.”

Paul GrewalChief Authorized Officer at Coinbase

"The SEC has accomplished extra to confuse than make clear the applying of US securities legal guidelines."

Kristin SchmidtCEO of the Blockchain Affiliation

"As an trade, we now have the facility and duty to stop digital belongings from changing into a haven for cash launderers and sanctions dodgers."

Simon MainiCEO of Elliptic

"Make no mistake: Primarily based on the way in which crypto platforms work generally, funding advisors can not depend on them as certified custodians."

Gary GenslerChairman of the US Securities and Trade Fee

“ worth motion, wanting on the pleasure of the purchasers calling, the FOMO constructing, I would not be stunned if we did that [Bitcoin] ended the quarter at $30,000.”

Mike NovogratzCEO of Galaxy Digital Holdings

forecast of the week

The Bitcoin metric is issuing the “mom of all bullish BTC indicators” for the fourth time

A bitcoin worth indicator has flashed inexperienced for simply the fourth time this week to warn bears.

Based on crypto market analyst Mohit Sorout, the common greenback price indicator was now “pointing to a raging bull market.” His purchase indicators are uncommon, with Sorout having solely seen three in Bitcoin's historical past, every of which guidelines out any severe upside potential in BTC's worth.

"At the moment is the fourth time this sign has indicated a raging bull market," he wrote in feedback, describing the occasion as "the mom of all bullish $btc indicators."

FUD of the week

Circle shatters rumors of planned SEC enforcement action

Circle, the company behind the USDC stablecoin, has been plagued by fear, uncertainty and doubt after a Fox Business reporter said on Twitter that the company has been ordered by the US Securities and Exchange Commission to stop selling USDC because it is about trade an unregistered security. The rumors were later denied by Circle's Chief Strategy Officer, although fears of regulatory action against stablecoin issuers lingered after Paxos, the issuer of stablecoin Binance USD, received a notice from Wells saying it didn't accept the offer registered under the federal securities laws.

Korean e-commerce executive accused of accepting LUNA for Schilling Terra Labs

South Korean prosecutors have requested an arrest warrant for the former CEO of Tmon, a Korean e-commerce platform, for allegedly receiving billions of dollars in bribes from Terra's co-founder Daniel Shin in return for promoting Terra's Token (LUNC) as a payment method. The e-commerce company reportedly promoted the token as a safe haven asset and therefore increased its price before selling it for a multi-billion dollar return.

Sen. Warren promises reinstatement of AML law that extends to DAOs and DeFi

Outspoken crypto critic U.S. Senator Elizabeth Warren is set to bring another bipartisan anti-money laundering (AML) bill to Congress that will cover “decentralized entities” such as decentralized financial protocols and decentralized autonomous organizations. According to Warren, the crypto community wants decentralized entities running on code to be exempt from AML requirements.

Best Cointelegraph Features

Can You Trust Crypto Exchanges After FTX Collapse?

Experts say most CEXs offer only basic contractual protection in the event of a mishap, but things are improving.

Bitcoiner Simon Dixon on bankruptcies and Elon Musk: Hall of Flame

Dixon Rebounded From “Deep Debt” Thanks to Bitcoin; he accidentally became the "Chapter 11 Guy"; and Elon Musk crashed his Twitter space.

Asia Express: China Telco's crypto SIM, Korean exchanges in turmoil...and more

Scandal-plagued South Korean stock exchanges, China's new blockchain SIM, and Square Enix picks Polygon for its upcoming NFT game.

Subscribe to

The most engaging read in blockchain. Delivered once a week.

Subscribe to the Magazine by Cointelegraph newsletter.

editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.

Source link

0 %
0 %
0 %
0 %
0 %
0 %
Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 19, 2023
Top crossmenumenu-circle