Month: May 2023

Coinbase terminates its Coinbase Borrow service, effective from May 10; existing loans remain unaffected, and no new loans will be issued. The move comes amid increased regulatory scrutiny on crypto firms in the US and the recent launch of Coinbase International Exchange. The company’s focus might be shifting towards more beneficial initiatives, while also facing regulatory uncertainty that could affect innovation in the crypto industry.

North Carolina’s House of Representatives unanimously passed a bill prohibiting state agencies from accepting central bank digital currency (CBDC) payments, expressing concerns about potential weaponization and political manipulation of a digital dollar. This decision highlights the polarizing debate surrounding CBDCs in the United States, as lawmakers weigh these risks against potential financial benefits.

The FTX court petition against Genesis Global Capital highlights ongoing risks in the crypto market, including fraud and lack of regulation. This case emphasizes the importance of legal and regulatory frameworks, urging market participants to remain adaptable and cautious when navigating the cryptocurrency industry.

The UK’s Competition and Markets Authority (CMA) will examine AI technology’s impact on consumers and the economy, focusing on foundation models like OpenAI’s ChatGPT to ensure safety, transparency, fairness, and accountability. The CMA’s review aims to promote open, competitive markets and effective consumer protection, concurrently fostering AI growth and user protection from misinformation.

The White House proposes a 30% Digital Asset Mining Energy (DAME) excise tax on crypto miners, targeting the industry’s environmental impact, energy prices, and greenhouse gas emissions. Critics argue the benefits of cryptocurrencies outweigh the environmental costs, emphasizing greener energy transitions and the potential to reduce central bank manipulation. Debate surrounding crypto regulation continues as technology and the industry evolve.

Coinbase is in a legal battle with the SEC, seeking transparent rules and guidelines for trading digital assets. This dispute raises concerns about cryptocurrency regulation and highlights the tension between requiring regulatory clarity and fostering innovation in the digital asset space.

FTX seeks to reclaim over $3.88 billion from bankrupt platform Genesis, alleging Genesis enabled their misconduct. The legal battle between FTX and Genesis could have far-reaching implications for the broader crypto market, possibly influencing future bankruptcy and legal disputes in the industry.

Nigeria’s recent approval of its national blockchain policy has sparked anticipation and skepticism, aiming to institutionalize blockchain technology within the nation’s economy. The policy’s impact on cryptocurrencies and the challenge of establishing effective regulations will determine Nigeria’s future as a digital powerhouse in Africa.

Gemini recently launched the Gemini Foundation, a platform offering non-US derivatives to clients in 29 countries, highlighting a growing trend of crypto companies seeking favorable regulatory environments offshore. However, clients from the US, UK, and EU remain excluded, raising concerns about global crypto regulations and market fairness.

Nigeria recently approved the National Blockchain Policy, aiming to build a blockchain-driven economy enabling secure transactions, data sharing, and value exchange among individuals, businesses, and government. The policy is expected to improve trust and growth, fostering innovation and prosperity for all stakeholders involved.

The SEC recently finalized new Form PF rules but chose not to adopt the previously proposed definition of “digital assets,” leaving the crypto community navigating a landscape of regulatory uncertainty regarding assets based on distributed ledger or blockchain technology.

This article highlights the recent crypto “investment scam” involving TruthGPT Coin (TRUTH), using artificial intelligence and machine learning claims, and the actions taken by various state financial regulators to halt it. The discussion extends to maintaining a delicate balance between investor safety, responsible practices, and fostering blockchain innovation.