Digital Currency Group initially attempted to prioritize the repayment of its own losses but was struck down by the courts, arguing it lacked the legal standing to object to the restructuring plan.
The SEC is asking Congress for $2.594 billion in funding for the coming year, justifying the boost based on the “significant growth and change in our markets.”
The proposed Gemini-Genesis-Digital Currency Group partnership would rival Coinbase and FTX, but Barry Silbert backpedaled with the suggested merger, citing "catastrophic risks" to the exchanges.
The future of Barry Silbert's "crypto" empire is on the rocks after its losses mounted to over $3 billion as more investors came forward to take down Digital Currency Group over alleged fraud.
While the nine BTC spot ETFs enjoyed positive inflows in the first week since their approval, not much can be said about this longevity, contrary to what many advocates paint them to be.
U.S. regulators made their stance about 'crypto' clear, with the SEC taking 784 enforcement actions against 'crypto' firms and individuals in 2023, while the CFTC filed 96 digital asset cases.
The New York Attorney General’s charges were targeted at ending Gemini, Genesis, and Digital Currency Group's operations tied to the "purchase and sale of securities and commodities within or from New York."
The digital asset lender has five days from the date of the order to comply by handing over the Securities and Exchange Commission’s requested documents, creating a deadline of October 18.
Genesis assured clients that their derivative positions will be honored until expiry amid the suspension of its trading services, which will take effect on September 21.
The CoinDesk sale is a significant event in the blockchain economy—a wake-up call for the community and a reminder that accountability is essential in any industry, including the blockchain industry.
Genesis and Gemini argued that the alleged ‘securities’ in this case are mere lone agreements being incorrectly characterized by the SEC as securities offerings.
The future of Bitcoin and its tokens remains uncertain—will the digital currency community learn from its past and find a way to reconcile its differences, or is another civil war inevitable?
