All posts tagged: crypto

Texas crypto company sues SEC for ‘overreach’ on digital assets

Texas crypto company sues SEC for ‘overreach’ on digital assets

:A Texas cryptocurrency company and an industry group sued the U.S. Securities and Exchange Commission on Wednesday, saying the regulator has overstepped its authority and asking a judge to rule that digital assets traded on exchanges are not securities. Fort Worth-based crypto company Lejilex and lobbying group Crypto Freedom Alliance of Texas (CFAT) claim the SEC has asserted jurisdiction over the industry without a “clear statutory mandate.” Lejilex says it seeks to run a cryptocurrency platform called Legit.Exchange. The company formed last year said it plans to list digital assets including those the SEC has deemed securities in lawsuits against Coinbase, the largest cryptocurrency exchange in the U.S., and Binance, the world’s largest crypto exchange. Lejilex wants the court to rule that listing pre-existing tokens will not violate securities laws. “We wish we were launching our business instead of filing a lawsuit, but here we are,” Lejilex co-founder Mike Wawszczak said in a statement. A spokesperson for the SEC did not immediately reply to a request for comment. Both Coinbase and Binance have denied the …

Crypto betting platform Lucky Block agrees deal with UFC hero Bisping

Crypto betting platform Lucky Block agrees deal with UFC hero Bisping

Former UFC world champion Michael Bisping has signed a partnership agreement with crypto casino platform Lucky Block. The 44-year-old mixed martial arts figure has said he will become an ambassador for the company, which will be a sponsor of his, in return. As reported by Gambling Insider, the agreement is designed to connect sports and online gaming, with a focus on fan engagement and expanding the reach and interest of both parties. A press release stated the deal would benefit Bisping and Lucky Block by “leveraging the valuable synergies present in the colliding worlds of sports and online gaming.” It represents a similar venture to the one undertaken by Stake.com and Formula 1 to achieve mutual growth but that partnership is one strewn with obstacles further along the track for the Stake F1 Team due to restrictions on gambling advertising in certain countries. Very excited to team up with #LuckyBlockCasino, the place for the best crypto casino action, as their new Official Ambassador ????Like the unforgettable thrill of a #UFC match, we’re here to bring …

Honduras watchdog bans institutions from trading crypto

Honduras watchdog bans institutions from trading crypto

TEGUCIGALPA : Honduras’ CNBS regulator has banned the Central American country’s financial system from trading in cryptocurrency and similar virtual assets, it said in a resolution, citing risks of fraud and money laundering. The National Banking and Securities Commission said a resolution, dated from Monday but made public on Friday, had “immediate effect.” The resolution bans institutions under its supervision to “maintain, invest, intermediate or trade in cyptocurrencies, crypto-assets, virtual currencies, tokens, or any similar virtual assets not issued or authorized by the central bank.” Honduran law does not currently regulate crypto assets, though platforms trading in them do operate in the country. The watchdog noted that as many of these platforms are domiciled in multiple jurisdictions, Honduran law cannot control them and they run the risk of “lending themselves to activities of fraud, money laundering and terrorist financing.” The Honduran central bank has warned that it is not responsible for and cannot guarantee any such transaction. In March 2022, the central bank said it was studying the technical and legal viability of issuing its …

New research dispels the “crypto bro” stereotype

New research dispels the “crypto bro” stereotype

In a new study that sheds light on the often-misunderstood world of cryptocurrency ownership in the United States, researchers have unveiled a complex portrait that challenges the stereotypes surrounding the typical “crypto bro.” The research provides evidence that cryptocurrency owners are not just a homogenous group of young, tech-savvy males, but a diverse cohort that spans various demographics and political orientations. The study also discovered that economic factors such as inflation play a significant role in an individual’s decision to invest in cryptocurrencies like Bitcoin, suggesting that for many, these digital assets are seen as a hedge against economic instability. The findings have been published in American Politics Research. Unpacking Cryptocurrency Cryptocurrency, a term that conjures images of digital gold for some and speculative bubbles for others, has been the subject of heated discussions and debates across financial and technological circles. Essentially, cryptocurrencies are digital or virtual currencies secured by cryptography, making them nearly impossible to counterfeit. The allure of cryptocurrencies, such as Bitcoin, lies in their decentralized nature, free from the control of governments …

Crypto exits remain low but investors remain unfazed

Crypto exits remain low but investors remain unfazed

The global venture capital market is enduring a long period of limited exits. Startups are staying private longer, M&A is quiet in part due to sharpened regulatory oversight, and the IPO market remains frozen. This means many historical venture deals are slowly rotting on the vine, in IRR terms. The crypto market is no different, but some investors in the space are unfazed. New data from PitchBook’s Q4 2023 Crypto Report makes it clear that if the larger startup market is suffering from an exit drought, crypto startups are possibly even more parched. The lack of crypto startup exit volume — and value — can be linked to a related decline in total venture investment into upstart web3 companies; when liquidity is light, investment return prospects can darken. The good news for crypto founders is that despite slim chances at selling their company, venture capital investment ticked 2.5% higher in Q4 2023 compared to the third quarter, though deal volume fell a similar percentage. The fourth quarter was consistent with the “low-level activity seen throughout …

Bitcoin Tops  Trillion As Gold ETFs Dumped In Favor Of Crypto

Bitcoin Tops $1 Trillion As Gold ETFs Dumped In Favor Of Crypto

The total market value of Bitcoin’s circulating supply crossed $1 trillion today for the first time since November 2021… Source: CoinMarketCap While all eyes have been focused on NVDA’s rise, Bitcoin has quietly surpassed Tesla, TSMC, Eli Lilly, and today it overtook Berkshire Hathaway to become the 10th most valuable asset in the world… Source: 8marketcap Thanks to the recent resurgence in the largest cryptocurrency’s price, which topped $52,000 today for the first time since December 2021… Source: Bloomberg The recent renaissance in crypto has been fueled in large part by the inflows to Bitcoin Spot ETFs, which have very recently started to accelerate. Yesterday saw the largest net inflow into the ETFs since inception… Source: Bloomberg In fact, excluding Grayscale’s Bitcoin Trust (GBTC), the ETFs have accumulated over $11 billion worth of the largest cryptocurrency by market cap. Outflows from GBTC appear to have gradually eased, reducing selling pressure according to some analysts and buoying bullish sentiment. But those inflows for bitcoin appear to have come at the cost of outflows from Gold ETFs, which saw …

Solana’s DeFi, airdrops propel Phantom’s userbase to new heights

Solana’s DeFi, airdrops propel Phantom’s userbase to new heights

Phantom, a crypto wallet heavily used in the Solana ecosystem, has seen its active user base more than triple over the past year, its CEO and co-founder Brandon Millman exclusively shared with TechCrunch. In January 2024, Phantom hit 3.2 million monthly active users (MAUs), up 220% from 1 million one year ago, and recorded 941,000 installs, 463.5% more than 167,000 installs during the same time frame, Millman said. “These numbers are essentially our peak” and outperformed usage and metrics from the previous crypto bull market in 2021 and early 2022, he added. “The Jito and Jupiter airdrops were a huge turning point for the ecosystem,” Millman said. “Solana has reached escape velocity and proved itself to be a first-class ecosystem. It’s the platform attracting some of the best builders in the world.” Solana-focused decentralized finance (DeFi) Jito Network and decentralized aggregator Jupiter both did airdrops in late 2023 and early 2024, respectively, providing users of their projects with rewards, or tokens, essentially as a “thank you” for using their service. When it rains, it pours …

Exclusive-Peter Thiel’s Founders Fund made 0 million crypto investment before bull run

Exclusive-Peter Thiel’s Founders Fund made $200 million crypto investment before bull run

Founders Fund, the venture capital firm founded by billionaire Peter Thiel, is investing once again in bitcoin and ether, sources said, signaling Silicon Valley’s renewed interest in cryptocurrency markets. From late summer to early fall last year, the fund invested $200 million to acquire crypto tokens, half in bitcoin and the other half in ether, the two largest cryptocurrencies, two sources with direct knowledge of the matter told Reuters. The previously unreported move by the prominent Silicon Valley venture capital firm underscores some institutional investors’ return to token investments, once the hottest investment strategy before the crypto market crashed in 2022. The outsized bet marks a comeback for crypto markets, which suffered in 2022 after the collapse of crypto exchange FTX and other big players crushed prices, tarnished the industry and prompted a regulatory crackdown. In 2022, the price of bitcoin crashed to nearly $15,000, its lowest price since 2020. Bitcoin and ether prices have gradually climbed over the past year, with bitcoin hitting $50,000 for first time in more than two years this week, but …

Ripple-Owned Crypto Custody Firm Metaco’s CEO Departs

Ripple-Owned Crypto Custody Firm Metaco’s CEO Departs

(Reuters) – Crypto custody firm Metaco’s CEO Adrien Treccani has left the company, a Ripple Labs spokesperson told Reuters on Monday. Cryptocurrency company Ripple bought Switzerland-based Metaco for $250 million in May last year, in its first major acquisition. Investor interest in the crypto sector has gained momentum after the U.S. Securities and Exchange Commission approved 11 spot bitcoin ETFs, following a decade-long tussle with the digital asset industry. Privately owned Ripple earlier this month was valued at $11.30 billion, after it bought back its shares worth $285 million from its early investors and employees, Reuters reported citing sources. (Reporting by Arasu Kannagi Basil and Jaiveer Singh Shekhawat in Bengaluru; Editing by Vijay Kishore) Copyright 2024 Thomson Reuters. Source link

NBA Sued Mid-Season For Pushing Mark Cuban’s Crypto Scams

NBA Sued Mid-Season For Pushing Mark Cuban’s Crypto Scams

“There is no dispute that the NBA was to serve as the ‘gatekeeper.’” Cuban Links It’s sportsball season in America, and the National Basketball Association is being sued, by pissed-off investors who lost billions over a cryptocurrency scam promoted by the Dallas Mavericks at the behest of its former owner [and Shark Tank star] Mark Cuban. The new class action lawsuit, filed in the US District Court of Southern Florida on behalf of shafted investors who put their money into the (now-defunct) Voyager crypto exchange, is accusing the NBA not only of gross negligence but also for making crypto schemes seem more legit than they were. At the center of the suit was the NBA’s approval of Cuban’s deal with Voyager, which went belly-up in July 2022 and took with it a bunch of investor funds. “There is no dispute that the NBA was to serve as the ‘gatekeeper’, and required to affirmatively approve any and all NBA promotion and marketing campaigns, especially with crypto currency,” the suit reads. “Evidence now reveals that the NBA …