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| Hey Insider! Welcome to the Inside Cryptocurrency newsletter! Bitcoin (BTC) hit the headlines today, reaching a 13-month high amid optimism around the crypto market. Today's issue also includes a potential lawsuit against the bankrupt crypto lender Celsius, Binance's job posting for a European policy officer, Circle's plans to issue a stablecoin in Japan under the new legislation, and more. Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Investigators in the enforcement unit of the Commodity Futures Trading Commission (CFTC) have recently determined that the bankrupt crypto lender Celsius Network and its former CEO Alex Mashinsky violated U.S. laws before the firm's collapse. The allegations of the CFTC include misleading investors and operating without registration with the regulator. More: - Sources familiar with the issue said the CFTC could file a lawsuit against Celsius in federal court as soon as July if a majority of the agency's commissioners agree with the conclusion.
- Celsius and Mashinsky previously also faced allegations from the U.S. Securities and Exchange Commission (SEC) and federal prosecutors in New York.
- Following the firm's bankruptcy, New York Attorney General (AG) Letitia James claimed that Mashinsky made false statements about the declining financial condition of Celsius, misleading investors.
- James also stated that the former CEO defrauded hundreds of thousands of investors out of billions of dollars.
Zoom Out: - Celsius offered loans and paid interest rates on crypto deposits.
- The company filed for Chapter 11 bankruptcy protection in July 2022, mainly due to its liquidity issues and the crypto market downturn triggered by the multi-billion dollar Terra ecosystem's collapse that wiped over $60B off the crypto market.
- In May, Fahrenheit, a crypto consortium involving blockchain-focused venture capital (VC) firm Arrington Capital and crypto miner US Bitcoin Corp, won a bid to acquire the assets of Celsius Network LLD.
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| 2 | | 
What the numbers say: Bitcoin (BTC), the largest cryptocurrency by market cap, hit a 13-month high within the day. BTC's price reached $31,500 for the first time since June last year. However, the popular token is still almost 55% below its all-time high in November 2021. Relevance: The surge in the price followed the world's largest asset manager BlackRock's CEO Larry Fink's recent comments on Bitcoin. Speaking in a recent interview, Fink said Bitcoin could revolutionize the financial system, defining the popular cryptocurrency as an international asset. The CEO added that BlackRock plans to make it easier and less costly to invest in Bitcoin. The firm also hit the headlines with its application for a spot Bitcoin (BTC) exchange-traded fund (ETF) in June. The asset management giant's move has created optimism around the crypto market, encouraging other traditional finance (TradFi) giants to influx into the industry. Brands that should care: Over the past month, several other multi-billion dollar asset managers, including WisdomTree, Invesco, Fidelity, and Valkyrie, joined BlackRock by filing their own applications for a spot Bitcoin ETF. The influx also triggered a strong rise in the crypto market cap in June. | | | |
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| 3 | | Binance, the largest crypto exchange by trading volume, has published a new job posting, hinting at its plans to hire a policy officer for its European operations. The policy officer will develop new policies, standards, guidelines, and procedures for Binance in compliance with local regulations. More: - Binance also expects the potential candidate to have the ability to articulate complex information clearly and persuasively.
- The move came right after Binance faced increased scrutiny consecutively in several European countries.
- In mid-June, the firm confirmed that its offices were visited by French authorities after the regulators in the country started investigating Binance on allegations of illegally canvassing customers and severe money laundering.
- The popular crypto exchange was also recently ordered to halt its operations in Belgium by the country's financial market regulator, the Financial Services and Markets Authority (FSMA).
- Besides, the company halted its operations in the Netherlands after failing to register as a virtual asset service provider with the European country's regulator.
- Over the past months, the platform also withdrew from several other markets in Europe, including Cyprus and the U.K., to focus on the compliance issues ahead of the rollout of the European Union's (EU) region-wide crypto regulations, Markets in Crypto Assets (MiCA).
Zoom Out: - MiCA was officially signed into law by the EU in June after three years of development.
- The provisions of the MiCA will come into force in 12 to 18 months, and the rules in the legislation will apply to all the 27 member states in the EU bloc.
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| 4 | | Speaking in a recent interview, Circle CEO Jeremy Allaire said they are interested in issuing a stablecoin in Japan, nearly one month after he visited the country. Allaire also stated that Japan would become an extremely large market when stablecoins started being widely used in cross-border trade, foreign currency transactions, and global commerce. More: - Circle's CEO defined Japan's legal framework for stablecoins as the most important thing the government and the Japan Financial Services Agency (JFSA), the country's financial market regulator, have done.
- Japan's Payment Services Act entered into force on June 1, making the country one of the first nations to establish a framework for stablecoins.
- The legislation legalizes stablecoins backed by legal tender to be issued and used as an electronic payment method.
- However, the bill requires stablecoins to be pegged to the Japanese yen or another legal tender and the issuers to ensure that holders can redeem them at face value.
- The act authorizes only licensed financial institutions, such as licensed banks, registered money transfer agents, and trust companies, to issue stablecoins.
Zoom Out: - Circle is the issuer of USD Coin (USDC), the second-largest stablecoin by market cap.
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| 5 | | The Bank of England (BoE), the central bank of the U.K., has partnered with digital wallet provider Nuggets to design a privacy layer for a potential central bank digital currency (CBDC), or digital pound. As part of the collaboration, Nuggets will help the BoE develop a privacy feature allowing users to exchange and verify credentials through untraceable connections without disclosing their identities. More: - Nuggets claims that its infrastructure will enable CBDC users to control and keep their data private, preventing transactions from being tracked.
- The company also says its solution meets strict anti-fraud and anti-money laundering measures.
- The U.K.'s financial services minister, Andrew Griffith, recently urged the government to be cautious about whether to issue a digital pound due to issues like privacy.
- Both the U.K. Treasury and the BoE expect a CBDC to be launched by 2030.
Zoom Out: - Nuggets and the BoE also previously worked together in Project Rosalind aimed to develop prototypes for a potential CBDC.
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| 6 | | During the Paris Haute Couture Week, La Maison Steel unveiled a luxury cuff collection for the Apple Watch dubbed SmrtKuffs with a built-in near-field communication (NFC) chip tied to an NFT on the Polygon network. The cuffs were designed to be worn under the wrist, allowing notifications on the Apple Watch not to be seen by everyone. More: - The SmrtKuffs have a starting price of $290.
- However, the collection includes both a version with entry-level leathers and a limited edition, made-to-order high jewelry version crafted by an atelier in Paris.
- The latter features more than 400 diamonds totaling 2.5 carats, is embellished with white gold palladium, and requires 136 hours of hand workmanship.
- The NFC chip in the cuffs allows users to access a digital ID and information on provenance secured and authenticated by an NFT.
Zoom Out: - During the event, La Maison Steel also unveiled a limited edition bag series with a price tag of $10,000 per piece.
- The bags similarly feature an embedded NFT chip, and the most exclusive bag in the series will be sold with an NFT counterpart.
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- Crypto exchange Binance's Web3 education platform, Binance Academy, has partnered with the leading online learning platform Coursera.
- A bill granting foreigners exemption from capital gains taxes on the sale of digital assets has passed the preliminary reading in Israel.
- Binance's customers in the Netherlands have been directed to rival crypto exchange Coinmerce as the company halted its operations in the country.
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INSIDE CRYPTOCURRENCY LEADERBOARD (30 DAYS) |
 | Staff Writer | | 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. | | This newsletter was edited by Aaron Crutchfield | |
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