The biggest crypto news and ideas of the day |
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WazirX Gets Conditional Moratorium |
A Singapore court has granted Indian cryptocurrency exchange WazirX a four-month moratorium based on certain conditions on Thursday, the company said in a statement shared with CoinDesk. The conditions imposed on WazirX include revealing the addresses of its Wallets through a court affidavit, responding to users' queries, revealing its book of accounts within six weeks, and ensuring that any future voting on the way ahead is conducted on an independent platform. WazirX, which lost $234 million in a hack, some 45% of customers' funds, had filed an application with the Singapore High Court for a six-month moratorium. The hacker behind that July hack has nearly finished laundering the stolen funds, using Tornado Cash to obscure the transactions. |
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Celo, an Ethereum layer 2 and blockchain-based ecosystem dedicated to mobile-first decentralized applications and smart contracts, is challenging Tron's position as the chain with the most daily active addresses using stablecoins. The seven-day moving average of the daily active addresses using stablecoins on Celo has climbed to nearly 700,000, nearly matching Tron's tally, according to data tracked by Artemis. The surge follows Tether's decision to deploy its industry-leading dollar-pegged stablecoin, USDT, on Celo in March. Since then, USDT worth over $200 million has been issued on the network. A year ago, Celo and Opera partnered to launch MiniPay, a mobile-first non-custodial stablecoin wallet built on the Celo blockchain that facilitates the instant transfer of funds using a phone number. "Within less than five months of its launch, MiniPay garnered over 1 million users across Nigeria, Ghana, and Kenya," a Celo representative told CoinDesk in an email. On Wednesday, Ethereum founder Vitalik Buterin cheered Celo's progress on X, galvanizing investor interest in the CELO token. As of writing, the cryptocurrency traded at 63 cents, representing a nearly 20% gain on a 24-hour basis, according to CoinDesk data. |
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Breaking News: The First 40+ Speakers Announced for Consensus Hong Kong The industry's most influential event in Web3 and digital assets is coming to Asia with a stellar lineup of 40+ global thought leaders already confirmed. Be part of the game-changing discussions, key announcements, and high-impact deals that will shape the future of innovation. Register todaybefore prices increase and use code NODE15 for an additional 15% off.
Don’t wait—prices increase Friday, September 27 at 11 a.m. ET / 11 p.m. HKT. |
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BitMex Says US Crypto Will Be Different |
The U.S. crypto market will take a different path from the rest of the world, consolidating more with traditional finance (TradFi), because of differences in the regulatory environment and customer needs, Stephan Lutz, CEO of crypto exchange BitMEX, said in an interview at Token2049 in Singapore. "I think that the U.S. crypto businesses will pivot in one direction that is consolidating TradFi with crypto," Lutz said. "If you look at Coinbase, if you look at Circle, you look at Kraken, they are basically going more and more into becoming a digital twin of the TradFi system." The split, Lutz called it a bifurcation, means U.S. crypto businesses will focus on domestic customers, and companies from the rest of the world will stay out of the country. BitMEX itself does not operate there, having pleaded guilty in July to violating the Bank Secrecy Act and failing to set up an adequate know-your-customer (KYC) and anti-money laundering (AML) program between 2015 and 2020. In 2022, co-founders Arthur Hayes, Benjamin Delo and Samuel Reed were fined a total of $30 million for violating money-laundering rules. Instead, BitMEX is more prominently placed in Asia, said Lutz, who was previously a partner at PwC after spending time at Deutsche Boerse, the operator of Germany's largest stock exchange. The industry has been "begging for issue-specific legislation in the U.S. for years," he said, though he's not optimistic of the chances for crypto legislation moving through the Senate before November's presidential election. "Market institutions in Asia will take advantage of America's confusion." |
Bitcoin ETF Demand Up as China Unleashes Massive Stimulus |
The U.S. crypto market will take a different path from the rest of the world, consolidating more with traditional finance (TradFi), because of differences in the regulatory environment and customer needs, Stephan Lutz, CEO of crypto exchange BitMEX, said in an interview at Token2049 in Singapore. "I think that the U.S. crypto businesses will pivot in one direction that is consolidating TradFi with crypto," Lutz said. "If you look at Coinbase, if you look at Circle, you look at Kraken, they are basically going more and more into becoming a digital twin of the TradFi system." The split, Lutz called it a bifurcation, means U.S. crypto businesses will focus on domestic customers, and companies from the rest of the world will stay out of the country. BitMEX itself does not operate there, having pleaded guilty in July to violating the Bank Secrecy Act and failing to set up an adequate know-your-customer (KYC) and anti-money laundering (AML) program between 2015 and 2020. In 2022, co-founders Arthur Hayes, Benjamin Delo and Samuel Reed were fined a total of $30 million for violating money-laundering rules. Instead, BitMEX is more prominently placed in Asia, said Lutz, who was previously a partner at PwC after spending time at Deutsche Boerse, the operator of Germany's largest stock exchange. The industry has been "begging for issue-specific legislation in the U.S. for years," he said, though he's not optimistic of the chances for crypto legislation moving through the Senate before November's presidential election. "Market institutions in Asia will take advantage of America's confusion." |
Takeaway: Why I Support Harris on Crypto |
By G Clay Miller, co-organizer of the Crypto4Harris campaign group: Single-issue crypto voters overwhelmingly support Donald Trump for good reason. The Biden administration’s hostile stance on digital assets is now being attributed to Kamala Harris, and Trump has overwhelmingly embraced the industry in recent months. If you are purely looking at what the candidates publicly say (or don’t say), it is logical to believe Trump will do more for the industry. However, if you look more closely at the broader platform of each candidate, I believe it becomes clear that a Harris administration will create a better long-term environment for crypto to thrive. Kamala Harris finally broke her silence on digital assets in recent days. At a New York City fundraiser Sept. 22 she said she would “encourage innovative technologies like AI and digital assets while protecting our consumers and investors." On Sept. 25 in Pittsburgh, she said that she wants the U.S. to be “dominant in blockchain.” These comment comes more than a month after Democratic cryptocurrency industry leaders coalesced to form the Crypto4Harris movement which hosted a Town Hall advocating for a Democratic “reset” on digital asset policy. And I acknowledge they were modest comments in comparison to Trump’s 180 degree pivot from skeptic to supporter. For many, they were the first clear signs of her willingness to support the industry. But those of us who have been following the paper trail and reading the tea leaves saw this coming. Her advisors and surrogates have made supportive overtures, her campaign staff have participated in thoughtful dialogue, Democratic Congressional leaders including Senate Leader Chuck Schumer (D-NY) and House Financial Services Committee Ranking Member Congresswoman Maxine Waters (D-CA) have made it clear where they stand, and her own comments, platform, and tagline have hinted at a departure from the Biden administration’s restrictive crypto policies. Industry insiders are confident that a “reset” is coming under a potential Harris administration. I argue that, despite the contrast in public statements made by each candidate on crypto, a Kamala Harris presidency would be more beneficial for our future digital economy. First I will highlight ways in which the former President’s words don’t match his actions, and the many ways he has lied or exaggerated to gain an advantage. Then I outline why Harris’ vision of an “Opportunity Economy” will benefit our industry more broadly.
Read the rest |
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