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Today in Crypto: NY Proposes Bill to Allow Stablecoin Payments for Bail Bonds, Franklin Templeton Plans Second Blockchain Fund, Circle Won’t Hold Treasurys Past June, Bittrex Allowed to Borrow $7M

Sead Fadilpašić
Last updated: | 2 min read
Source: AdobeStock / iQoncept

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

Regulation news

  • New York, USA, proposed a bill that would allow payments in stablecoins for bail bonds. New York Assembly Bill 7024, introduced Wednesday, “authorizes fiat-collateralized stablecoins as a form of bail; directs the commissioner of taxation and finance, in conjunction with the chief justice of the unified court system and the director of the office of information technology services, to promulgate rules and regulations identifying forms of fiat-collateralized stablecoin acceptable for posting bail to establish a system for the administration of the acceptance, recording and processing of stablecoins as a means of securing bail.”

Investment news

  • Global investment firm Franklin Templeton plans to add to its crypto market offerings with a second blockchain fund, according to a filing with the US Securities and Exchange Commission (SEC). The Blockchain Fund II is a private equity fund and will carry a minimum investment of $100,000.
  • Circle, the US company behind the popular stablecoin USDC, refuses to hold Treasurys that mature beyond early June amid concerns that US politicians will not raise the debt ceiling, risking a default on the government debt. CEO Jeremy Allaire told Politico: “We don’t want to carry exposure through a potential breach of the ability of the U.S. government to pay its debts.”

Exchange news

  • Bankrupt crypto exchange Bittrex received court permission Wednesday to borrow $7 million in Bitcoin (BTC) to fund the start of its Chapter 11 case, Reuters reported.
  • An email sent out to Coinbase customers allegedly describes the Pepe meme as a “hate symbol”, according to a screenshot of a newsletter shared by crypto influencer Borovik.eth. Starting as a meme, based on Pepe the Frog, “over time it has been co-opted as a hate symbol by alt-right groups, according to the Anti-Defamation League,” said the post.
  • OKX published a new ad, as part of its “Rewrite the System” campaign, stating that the financial “system doesn’t need an update. It needs a rewrite.” It presents inflation, censorship, and data breaches among issues that are part of the “broken” system.

Legal news

  • Bitcoin mining firm Marathon Digital Holdings said it received another subpoena from the US SEC regarding alleged violations of securities laws. “The Company received an additional subpoena from the SEC on April 10, 2023, relating to, among other things, transactions with related parties,” Marathon said in a filing. “We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law.” The company added that it is cooperating with the regulator.

Mining news

  • US-based Bitcoin mining company CleanSpark assured investors during its Q2 earnings call that it is rapidly growing and focusing on efficiency. It doubled the number of BTC mined last quarter compared with Q2 of last year, while its revenue increased by 14%. CleanSpark’s CFO Gary A. Vecchiarelli said that the stunted revenue growth was largely a result of low Bitcoin prices, Decrypt reported.