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Crypto exchange Coinbase has submitted a petition to the U.S. Securities and Exchange Commission (SEC) following the regulator's recent shutdown of the rival Kraken's staking service for U.S. customers. The petition explains why staking cannot be universally considered securities. More: - The document, titled the Petition for Rulemaking, consists of 18 pages.
- In the petition, Coinbase argues staking is not a monolith concept, and some of the staking models do not involve the investment of money.
- The crypto exchange also underlined that every staking model does not include a joint enterprise between stakers and service providers, citing that users have full authority over their assets.
- Additionally, the petition pointed to several precedents from the past, particularly the 1973 Committee on Special Investment Advisory Services and the SEC's Regulation Fair Disclosure from 2000, to assist the SEC with its ongoing regulatory efforts on crypto staking.
- The company urged regulators to adopt a different approach toward staking services, reminding them of the economic consequences of their decisions on the digital asset ecosystem.
Zoom Out: - In February, the SEC forced crypto exchange Kraken to halt the operations of its crypto staking-as-a-service platform for U.S. customers and to pay a $30M fine to settle, citing that the platform offered unregistered securities.
- At the time, Coinbase said its staking programs were fundamentally different from Kraken's.
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Florida Gov. Ron DeSantis has proposed a law to ban the use of a national central bank digital currency (CBDC) as money in the state. DeSantis underlined that they are still intent on continuing financial innovation in Florida. More: - The governor pointed out that CBDCs hinder innovation and promote government surveillance, giving officials a direct view of all consumer activities.
- DeSantis also stressed that there is a clear difference between CBDCs and cryptocurrencies.
- The proposed legislation prohibits not only a national CBDC backed by the U.S. government but also the CBDCs issued by any overseas central bank.
- In his statement, DeSantis urged other states to prepare a similar law draft.
Zoom Out: - Last year, U.S. President Joe Biden signed an executive order for the federal government to explore the potential use cases and risks of a CBDC.
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Speaking at the Paris Blockchain Week event, the stablecoin issuer Circle's CEO Jeremy Allaire announced their intention to establish a European base in Paris, France. The base will help the firm behind the USD Coin (USDC) to expand its operations in the European Union (EU). More: - Allaire cited the country's commercial environment and crypto-friendly climate while explaining the decision to pick France.
- Paris will also be a base for the operations related to Circle's EUROC stablecoin pegged to the euro.
- Allaire said Circle has already applied to France's financial regulator to be registered as a digital asset service provider.
- A separate application was also filed with the country's banking authority to obtain a license to operate as an electronic money institution.
- Circle's CEO added that the company began hiring in the country, starting with technical and financial roles without specifying the exact headcount.
Zoom Out: - Other crypto firms, including crypto exchanges Binance and Crypto.com, also selected Paris as their European hub over the last two years.
- So far, around 65 crypto companies have successfully registered with the French regulator to operate in the country.
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The Australian Prudential Regulation Authority (APRA), the country's financial regulator, has asked local banks to submit reports on their exposures to cryptocurrencies and crypto-related startups. The move came amid rising concerns about the contagion effect of the U.S. banking crisis. More: - Aussie banks will now need to provide daily updates on crypto assets and transactions to the APRA.
- The regulator also wants the regional banks to improve their reporting on crypto.
- With this move, APRA mainly aims to learn more about banks' exposures to cryptocurrencies and acquire more insight into the vulnerabilities in the system.
- Reserve Bank of Australia Assistant Governor Chris Kent recently said the country's banking system is unquestionably strong.
Zoom Out: - In March, the U.S. experienced three crypto-friendly bank collapses with the shutdown of Silvergate Bank, Silicon Valley Bank (SVB), and Signature Bank within just a week.
- The consecutive collapses have also created a contagion effect for banks in other countries, including Swiss banking giant Credit Suisse.
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Polygon Labs, the firm behind the Polygon blockchain, has entered into a new strategic partnership with Web3 gaming developer platform Immutable. The collaboration aims to accelerate the development of the Web3 gaming ecosystem. More: - Immutable will utilize Polygon Labs’ zero-knowledge technology as part of the deal.
- The partnership between the two will simplify the Web3 onboarding process for gaming companies and developers, accelerating time to market.
- With this move, Immutable has joined the major brands partnering with Polygon in the last several months, including Salesforce, Starbucks, Square Enix, Nike, and Reddit.
- Immutable also has partnerships with leading brands such as Unity, GameStop, DC Comics, and Marvel.
Zoom Out: - In June 2022, Immutable launched a $500M venture fund for Web3 games and NFT projects.
- In January, the company also unveiled an all-in-one passport system, which will launch in April 2023, to simplify the sign-in and account management process for Web3 gamers.
- Polygon already has a division focused on advancing Web3 gaming.
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Japanese tech giant Fujitsu has filed a trademark application that covers a broad range of financial services, including crypto trading, hinting at its plans to expand to the crypto industry. The application was filed on March 16. More: - Fujitsu’s new application was recently made public by trademark attorney Michael Kondoudis.
- The tech giant submitted the application to the U.S. Patent and Trademark Office.
- Other financial services in the application include money exchange, securities trading, insurance brokerage, and tax planning.
- In February, the company made another move toward Web3 space by announcing plans to create a Japan Metaverse Economic Zone in collaboration with nine other companies, including Mitsubishi.
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- Coinbase has ended support for Signet, the collapsed crypto-friendly Signature Bank's real-time crypto payment platform.
- The Bitcoin Fear and Greed Index recently recorded its highest score since November 2021, with 68 points out of 100, on a scale where 0 refers to "Extreme Fear" and 100 signifies "Extreme Greed."
- Payments processing giant Mastercard has partnered with Australia-based stablecoin platform Stables to allow users in the Asia Pacific (APAC) region to pay with USD Coin (USDC) for goods and services starting in June.
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 |  | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
Talaera is an on-demand platform for high-impact, personalized professional English and culture training. | |
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