New Crypto Lawsuits, Pan-Asian Crypto Regulations, Hiring Pause + More News

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Sumejja Muratagić-Tadić

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Sumejja Muratagić-Tadić

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Sumejja is a freelance copywriter from Sarajevo, Bosnia and Herzegovina, who delights in pulling things apart to see how they work. That does not necessarily mean she puts them back together; she's...

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Last updated:

June 26, 2023 06:54 EDT

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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

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Legal news

• The US Commodity Futures Trading Commission (CFTC) sued crypto company Gemini Trust Company for “making false or misleading statements of material facts or omitting to state material facts to the CFTC in connection with the self-certification of a [bitcoin (BTC)] futures product.” They state that “certain statements and information conveyed or omitted by Gemini were false or misleading [regarding] whether the proposed Bitcoin Futures Contract would be readily susceptible to manipulation.”
• Investment adviser ForUsAll, which seeks to enable workers to invest their retirement funds in crypto, sued the US Department of Labor, saying it acted arbitrarily in telling plan administrators to exercise “extreme care” around digital assets. The agency violated the Administrative Procedure Act by not going through the rulemaking process and taking input from the public and industry representatives, the company said.

Regulation news

• South Korea’s Financial Supervisory Service (FSS), one of the nation’s top financial regulators, has agreed to work on the creation of pan-Asian crypto regulations with a number of its Asia Pacific counterparts, Newsis reported. At a June 3 virtual summit of regulatory bodies hosted by the Indonesian financial regulator and attended by representatives from China, Japan, and Australia, the FSS’ representative urged the other participants to pay heed to “an increase in the need for a [international] cryptocurrency regulatory system” – pointing to “current issues” in South Korea as evidence that proved more action was needed.
• Crypto.com announced it has received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority, allowing it to offer a full suite of crypto exchange products and services. They added that the operating license is set to be issued “as soon as the firm qualifies for all mandated requirements in the near-term.”

Exchange news

• Coinbase announced it will extend its hiring pause due to market conditions “for the foreseeable future”, which means that a number of accepted offers will be rescinded as well.
• Binance said it is now the official sponsor of the singer The Weeknd’s ‘After Hours Til Dawn’ tour and will collaborate with think-center HXOUSE to release an exclusive NFT collection for the tour, along with co-branded tour merchandise. Attendees’ virtual ticket stubs can also give access to commemorative NFTs which will provide “unique experiences” for fans, they added.

Stablecoins news

• Stablecoin protocol Beanstalk announced ‘The Barn Raise’, a fundraiser to restore USD 77m of liquidity stolen from the protocol during a recent governance exploit and further recapitalize pre-exploit participants, to begin on June 6. Beanstalk will formally resume after the completion of two separate security audits with a likely restart date of early July, they added.

Mining news

• Bitzero announced that the state of North Dakota, USA, would become their headquarters and hub for all North American operations. They added that they’re planning on building 200 megawatts of data centers in the state in the next two to three years, with a specific purpose of servicing state data requirements.
• Bitcoin miner Riot Blockchain announced it produced BTC 466 in May 2022, an increase of approximately 104%, as compared to the May 2021 production of BTC 228. During the same month, the company also sold BTC 250, generating net proceeds of approximately USD 7.5m.