🇺🇸 US Should Join UK in ‘Blockchain Sandbox’ Free of Regulatory Meddling, SEC Commissioner Says
Hester Peirce, a leading member of the Securities and Exchange Commission (SEC), has signaled her support to a proposed cross-border “digital securities sandbox” between the U.S. and the U.K. SEC Commissioner Peirce praised the Bank of England and the Financial Conduct Authority (FCA) of the U.K. for proposing a local “digital securities sandbox” (DSS), which would let participating companies to experiment with blockchain technology “in the issuance, trading, and settlement of securities.”.
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Hester Peirce, a leading member of the Securities and Exchange Commission (SEC), has signaled her support to a proposed cross-border “digital securities sandbox” between the U.S. and the U.K. SEC Commissioner Peirce praised the Bank of England and the Financial Conduct Authority (FCA) of the U.K. for proposing a local “digital securities sandbox” (DSS), which would let participating companies to experiment with blockchain technology “in the issuance, trading, and settlement of securities.”.
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Binance, the world's largest cryptocurrency exchange by trading volume, announced it will soon restrict availability in the European Union to stablecoins that are considered "unregulated" by the EU. In a statement, Binance said the rules for stablecoins outlined in the EU's Markets in Crypto-Assets Regulation (MiCA) will come into effect at the end of June.
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🇺🇸 Short seller hits Riot Platforms, says US bitcoin miners are 'competing in a global race they cannot win'
“Bitcoin mining is easily among the worst business models for a public company we have ever encountered,” Kerrisdale Capital analysts wrote in a 17-page report this morning. “[U]npredictable revenue, capital intensive, extremely competitive, a pure commodity product, and lately drawing intense regulatory scrutiny even in crypto-friendly places like Texas where Riot has 100% of its bitcoin production.” Riot Platforms' stock is falling in Wednesday’s session after a short seller released a new report on the company and the entire U.S. bitcoin mining industry.
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“Bitcoin mining is easily among the worst business models for a public company we have ever encountered,” Kerrisdale Capital analysts wrote in a 17-page report this morning. “[U]npredictable revenue, capital intensive, extremely competitive, a pure commodity product, and lately drawing intense regulatory scrutiny even in crypto-friendly places like Texas where Riot has 100% of its bitcoin production.” Riot Platforms' stock is falling in Wednesday’s session after a short seller released a new report on the company and the entire U.S. bitcoin mining industry.
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Binance moved to dismiss most of the claims in a UK case regarding its delisting of Bitcoin SV (BSV), Reuters reported on June 5. The case also names the companies behind Kraken, Shapeshift, and Bittylicious as defendants. BitMEX Research reported that six companies related to the four exchanges appeared with legal teams before the tribunal today. Binance asked the UK Competition Appeal Tribunal during a hearing to dismiss the part of the case claiming that BSV had the potential to become a major crypto.
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According to Farside data, Bitcoin (BTC) exchange-traded funds (ETFs) experienced substantial inflows on June 5, with a notable accumulation of $488.1 million. This marks 17 consecutive trading days of inflows, tying the record for the longest streak. Over the past two days alone, inflows have surged to an impressive $1.4 billion. Farside data shows that Fidelity FBTC led the inflows with $220.6 million, bringing its total net inflow to $9.6 billion.
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Cryptocurrency exchange Binance posted on social media platform X Thursday that users can purchase cryptocurrency using Mastercard, Visa, or SEPA for bank transfers. The announcement led to confusion among some users regarding the reintroduction of Binance-branded credit cards. Binance Customer Support clarified that the current facilities allow the use of existing payment methods to buy crypto and do not indicate the issuance of a new Binance credit card.
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JUST IN: 🇺🇸 Donald Trump calls himself a "crypto president" at San Francisco tech fundraiser.
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Arbitrum Foundation, the organization that supports the Ethereum rollup-based Layer 2 network Arbitrum, will get its wish to distribute hundreds of millions of dollars to support gaming projects on the network over the next three years. Organizations that significantly supported the proposal include L2Beat, Wintermute, and gaming-focused Treasure DAO, while Blockworks Research and Camelot DAO numbered among those who voted against.
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🇺🇸 DOJ Charges Epoch Times Exec with Laundering $67M Using Cryptocurrency
The US Department of Justice (DoJ) indicted Bill Guan, the chief financial officer of Epoch Times, on Tuesday. The DOJ alleges that Guan was involved in an international scheme to launder around $67 million of illicit funds using cryptocurrency. From 2020 to May 2024, Bill Guan engaged in a large-scale international money laundering scheme, collaborating with others to launder approximately $67 million of illegal funds into the bank accounts of his media company and its related entities, according to the official press release by DOJ.
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The US Department of Justice (DoJ) indicted Bill Guan, the chief financial officer of Epoch Times, on Tuesday. The DOJ alleges that Guan was involved in an international scheme to launder around $67 million of illicit funds using cryptocurrency. From 2020 to May 2024, Bill Guan engaged in a large-scale international money laundering scheme, collaborating with others to launder approximately $67 million of illegal funds into the bank accounts of his media company and its related entities, according to the official press release by DOJ.
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Spot Ethereum exchange-traded funds could capture as much as a fifth of the investment flows currently directed towards spot bitcoin ETFs, an analyst said. "Forecasts show that spot Ethereum ETFs could capture between 10-20% of the flows that have been going into spot bitcoin ETFs," Bitfinex head of derivatives Jag Kooner told The Block. However, Kooner said he believes a lot depends on clarification in the future regarding staking being allowed or denied by the U.S. Securities and Exchange Commission for spot Ethereum ETFs.
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Digital asset investment products have witnessed significant inflows totaling $2 billion, marking a strong five-week streak that accumulates to $4.3 billion. As reported by Coinshares, this surge aligns with increased trading volumes and shifting monetary policy expectations.
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A Polygon community treasury has announced a long-term plan to spur development on the blockchain that involves unlocking 1 billion tokens over a decade. "After community consensus, the Community Treasury has been created, with 1 billion POL unlocked over 10 years, with [approximately] 100 million POL per year, all for builders," the treasury said in an announcement. POL is set to become Polygon's native token, replacing MATIC eventually.
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ProShares filed an S-1 registration statement for its spot Ethereum ETF on June 11, confirming and expanding on the roles of various fund participants. According to the filing, Coinbase Credit will serve as the company’s trade credit lender, allowing it to borrow Ethereum (ETH) and cash for certain transactions that exceed its trading balance. Bank of New York Mellon will serve as transfer agent, processing purchase and redemption orders and maintaining fund ownership records.
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MetaMask developer Consensys has launched pooled staking for its popular web3 wallet, enabling users to stake any amount of ether to contribute to Ethereum network security and earn validator rewards. Before the launch, only users with at least 32 ETH (around $113,000), the minimum required by the Ethereum protocol, could stake natively in validators operated by the firm. MetaMask users can unstake their ether at any time, but the process is subject to waiting times that may vary depending on the current Ethereum validator exit queue.
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Bitcoin (BTC) mining stocks soared double digits on Wednesday a day after United States presidential candidate Donald Trump promised to bolster mining operations in the country. Trump said he wants “all the remaining Bitcoin to be MADE IN THE USA!!!” adding it would help the country be “ENERGY DOMINANT” in a June 12 post, which came shortly after a meeting he hosted with some of the industry’s top executives.
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Chris Amani, CEO of Terraform Labs, the developer of Terra blockchain, asked the community to take the reins as the firm plans to dissolve its operations. The firm, according to Amani, plans to sell its projects in the Terra ecosystem including Pulsar Finance, Station Wallet and Enterprise DAO. This follows Terraform's massive $4.47 billion settlement with the U.S. Securities and Exchange Commission related to the UST algorithmic stablecoin, which dramatically collapsed in 2022.
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SEC Chair Gary Gensler said the regulator expects to approve the spot Ethereum ETF applications’ S-1 registration forms “sometime over the course of this summer,” which would be the final step before the funds can launch in the US. The watchdog recently approved the related 19b-4 applications filed by stock exchanges in May. However, the approval of S-1 registration forms from individual issuers is still pending.
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JUST IN: 🇺🇸 Donald Trump says he will "end Joe Biden's war on crypto, and ensure that the future of crypto and the future of Bitcoin will be made in America."
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Crypto exchange Binance said it was “relieved” following news that Nigerian authorities had dropped tax charges against its executives Tigran Gambaryan and Nadeem Anjarwalla, with Binance now the sole defendant. Nigeria’s Federal Inland Revenue Service (FIRS) served and filed amended charges today, a Binance spokesperson confirmed, resulting in the tax charges being dropped. The pair still face money laundering charges in the country, alongside Binance.
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