Today Mt. Gox inched towards a resolution with its creditors, Silvergate Bank solved its wire issues, and the CFTC settled a long standing question about hodling crypto (Q: Should I hold my keys? A: Yes.) Here's the story:
A Mt. Gox trustee may sell some crypto assets to repay creditors, according to a court document. This is a significant move towards concluding a case that has kept creditors waiting since 2014, when Mt. Gox collapsed after a 850,000 bitcoin hack. Mt. Gox movement
Crypto startups are still attempting to fundraise despite the coronavirus-induced downturn. CasperLabs, the startup formerly advised by Ethereum Foundation researcher Vlad Zamfir, is partnering with the Singapore-registered exchange BitMax to conduct a novel, though risky, Exchange Validator Offering (EVO) token sale. EVO evolution
Silvergate Bank resolved the last of its wire transfer issues Tuesday morning, said CEO Alan Lane. Friday’s outage had some worried about how Silvergate was faring after the market downturn, though Lane said the bank was unable to process wire transfers for clients because of an outage at bank payments processor Finastra. Finastra FUD?
The U.S. Commodity Futures Trading Commission has settled a longstanding question on what it means to “deliver” a cryptocurrency between parties. "Actual delivery" occurs when a customer has complete control over the asset and the offeror no longer has any control over the asset by the end of 28 days after the transaction. Hold your keys
Fired employees’ harassment suit against TRON will move to private arbitration, as requested by the defendants, including Justin Sun. The case – centered on the employees’ claims of wrongful termination and workplace harassment – will now be heard privately away from view of a jury trial, which would have aired the blockchain non-profit’s dispute in court. No sunlight
More states will permit “blockchain managers” to work through mandated COVID-19 shutdowns. Eight states have issued stay-at-home exemptions for blockchain managers, following a Department of Homeland Security memo declaring blockchain managers as critical infrastructure. What the memo did not specify is what a blockchain manager is or what these apparently critical workers actually do. Critically undefined |
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| Bitcoin is struggling to maintain its recent upbeat mood on Wednesday despite the unprecedented scope of fiscal stimulus efforts in the U.S. and across the globe. The top cryptocurrency by market value is currently trading near $6,635, representing a 1 percent drop on the day, after facing rejection at $6,981, according to CoinDesk's Bitcoin Price Index. Not stimulated |
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Different countries, states and cities are taking varied approaches to suppressing and overcoming the novel coronavirus. Singapore is deploying wide-ranging testing, while New York state has issued a "shelter-in-place" ruling. CoinDesk is looking to gauge reader sentiment on how their governments are handling the COVID-19 outbreak. Take our five-minute reader survey here.
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Mark Yusko, founder of Morgan Creek, sits down to talk shutdowns, buybacks, bailouts on the latest episode of The Breakdown. In a wide ranging conversation with Nathanial Whittemore, Yusko argues that “zombie corporations” crushed by the coronavirus market crash should stay that way, that a lack of leadership is the biggest cause for pessimism today, and that cronyism is not capitalism. Listen in
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