Mastercard launches Bitcoin and crypto rewards card in Spain.
https://twitter.com/bitcoinmagazine/status/1624015624518205440
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https://twitter.com/bitcoinmagazine/status/1624015624518205440
📍 Follow @Coins for the hottest news in crypto.
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Is Staking a Security? In the eyes of the SEC, staking services may be like institutional lending programs
Previously the SEC came after Genesis and BlockFi, fining them after classifying their lending services as a security.
Based on the Howey Test, an asset is deemed to be a security if it has "a reasonable expectation of profits to be derived from the efforts of others."
While in lending programs one is trusting the counterparty that receives the loan and the issuing platform to do proper due diligence, with staking the expected yield comes from the native asset itself and its underlying technical infrastructure.
One could argue that staking assets is not that simple since you can get punished, or "slashed" for inactivity or malicious intents; therefore the expectation of profit to certain extent does derive from the platform managing the staking.
Presumably this is what the SEC believed with regards to Kraken's staking initiative.
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Previously the SEC came after Genesis and BlockFi, fining them after classifying their lending services as a security.
Based on the Howey Test, an asset is deemed to be a security if it has "a reasonable expectation of profits to be derived from the efforts of others."
While in lending programs one is trusting the counterparty that receives the loan and the issuing platform to do proper due diligence, with staking the expected yield comes from the native asset itself and its underlying technical infrastructure.
One could argue that staking assets is not that simple since you can get punished, or "slashed" for inactivity or malicious intents; therefore the expectation of profit to certain extent does derive from the platform managing the staking.
Presumably this is what the SEC believed with regards to Kraken's staking initiative.
📍 Follow @Coins for the hottest news in crypto.
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Kraken move should put crypto industry 'on notice,' Gensler says.
Securities and Exchange Commission Chair Gary Gensler said the agency’s action against crypto exchange Kraken yesterday should put people “on notice,” he said Friday morning on CNBC.
“Those other platforms should take note of this and seek to come into compliance,” Gensler said.
https://www.theblock.co/post/210587/kraken-crypto-industry-on-notice-gensler
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Securities and Exchange Commission Chair Gary Gensler said the agency’s action against crypto exchange Kraken yesterday should put people “on notice,” he said Friday morning on CNBC.
“Those other platforms should take note of this and seek to come into compliance,” Gensler said.
https://www.theblock.co/post/210587/kraken-crypto-industry-on-notice-gensler
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The Block
Kraken move should put crypto industry 'on notice,' Gensler says
“This really should put everyone on notice," Securities and Exchange Commission Chair Gary Gensler said. SEC Chair Gary Gensler sent a warning shot to the cryptocurrency industry on Friday morning on CNBC.
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For those of you out there that wasn't a piece of FTX (no, not in the violent sense) some items may be coming up for sale soon that may be of interest.
Liquidators have located half a million dollars worth of office furniture and equipment and 13 storage units in the Bahamas full of FTX's "physical goods."
Although there's little chance of unearthing rare valuables, those office items and whatever is in the storage units will soon be up for grabs, according to a report.
The list of assets also includes $2.4 million in vehicles, of which the report dryly notes "there is no longer a need for the company to maintain the current fleet size."
They are looking to sell them as soon as possible in order to avoid the depreciation of their value.
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Liquidators have located half a million dollars worth of office furniture and equipment and 13 storage units in the Bahamas full of FTX's "physical goods."
Although there's little chance of unearthing rare valuables, those office items and whatever is in the storage units will soon be up for grabs, according to a report.
The list of assets also includes $2.4 million in vehicles, of which the report dryly notes "there is no longer a need for the company to maintain the current fleet size."
They are looking to sell them as soon as possible in order to avoid the depreciation of their value.
📍 Follow @Coins for the hottest news in crypto.
Ethereum founder Vitalik Buterin donates 99 $ETH ($150,000) to support victims of the Turkey-Syria earthquake.
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📍 Follow @Coins for the hottest news in crypto.
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As of February 9, 2023, USDC circulation has decreased by 1 billion in the past 7 days, USDC circulation has decreased by 2.2 billion in the past 30 days, and has decreased by 10.4 billion in the past year.
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📍 Follow @Coins for the hottest news in crypto.
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The United States to announce the January CPI data tomorrow, which is one of the most important data affecting the Fed's monetary policy. The previous value was 6.5%, and the CPI is expected to be 6.3% in January.
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📍 Follow @Coins for the hottest news in crypto.
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Timeline of UFO Events:
1. Feb 2: Chinese Balloon spotted
2. Feb 4: Chinese Balloon shot down
3. Feb 10: UFO seen over Alaska
4. Feb 11: UFOs shot over Canada
5. Feb 12: UFO appears over China
6. Feb 12: UFO shot over Lake Huron
Is this the beginning of something bigger?
Source: Kobeissi Letter
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1. Feb 2: Chinese Balloon spotted
2. Feb 4: Chinese Balloon shot down
3. Feb 10: UFO seen over Alaska
4. Feb 11: UFOs shot over Canada
5. Feb 12: UFO appears over China
6. Feb 12: UFO shot over Lake Huron
Is this the beginning of something bigger?
Source: Kobeissi Letter
📍 Follow @Coins for the hottest news in crypto.
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Bank of Brazil (Banco do Brasil) now allows citizens to pay taxes using crypto.
https://watcher.guru/news/brazils-oldest-bank-to-allow-tax-payments-using-crypto
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https://watcher.guru/news/brazils-oldest-bank-to-allow-tax-payments-using-crypto
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Watcher Guru
Brazil’s Oldest Bank to Allow Tax Payments Using Crypto
Brazil's oldest bank, Banco do Brasil, will allow Brazilian citizens to pay their taxes in cryptocurrencies.
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Ark Invest added a massive 162,325 Coinbase shares (worth $9,267,134.25) to its portfolio on Friday, alongside a substantial purchase of 263,504 Robinhood shares (worth $2,629,769.92).
https://www.theblock.co/post/210810/cathie-woods-ark-invest-fills-coinbase-bag-amid-fear-driven-price-collapse
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https://www.theblock.co/post/210810/cathie-woods-ark-invest-fills-coinbase-bag-amid-fear-driven-price-collapse
📍 Follow @Coins for the hottest news in crypto.
The Block
Cathie Wood's Ark Invest fills Coinbase bag amid fear-driven price collapse
The collapse in Coinbase's stock price — driven by worries that U.S. regulators will restrict crypto staking — seemingly proved too attractive to pass up.
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CZ thread on BUSD, Paxos, and SEC:
https://twitter.com/cz_binance/status/1625067494011506691
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https://twitter.com/cz_binance/status/1625067494011506691
📍 Follow @Coins for the hottest news in crypto.
X (formerly Twitter)
CZ 🔶 BNB (@cz_binance) على X
6/ "IF" BUSD is ruled as a security by the courts, it will have profound impacts on how the crypto industry will develop (or not develop) in the jurisdictions where it is ruled as such.
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Paxos, the leading regulated blockchain and tokenization infrastructure platform, announced it will end its relationship with Binance for the branded stablecoin BUSD.
Time to move away from BUSD?
https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/
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Time to move away from BUSD?
https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens/
📍 Follow @Coins for the hottest news in crypto.
Paxos
Paxos Will Halt Minting New BUSD Tokens
Paxos, the leading regulated blockchain and tokenization infrastructure platform, announced it will end its relationship with Binance for the branded stablecoin BUSD.
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Haters gonna hate, regulators gonna regulate - and it seems Gary Gensler did just that last week when the SEC charged Kraken for failing to register its staking-as-a-service program as a security.
As one might expect, the crypto markets performed negatively on the heels of this news. There was $186 million in long liquidations on February 9th, marking the highest volume of long liquidations over the past 90 days as ether and other assets fell in price after what had been a strong showing so far in 2023.
Coinbase was also in the spotlight after this charge given they also offer a staking product.
While staking on Coinbase remains operational, Gensler said his action against Kraken should put the industry ‘on notice.’
📍 Follow @Coins for the hottest news in crypto.
As one might expect, the crypto markets performed negatively on the heels of this news. There was $186 million in long liquidations on February 9th, marking the highest volume of long liquidations over the past 90 days as ether and other assets fell in price after what had been a strong showing so far in 2023.
Coinbase was also in the spotlight after this charge given they also offer a staking product.
While staking on Coinbase remains operational, Gensler said his action against Kraken should put the industry ‘on notice.’
📍 Follow @Coins for the hottest news in crypto.
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The number of unique DEX traders across decentralized exchanges on Ethereum is the highest it's been since the start of 2022, reaching 57.67k on February 7th.
📍 Follow @Coins for the hottest news in crypto.
📍 Follow @Coins for the hottest news in crypto.
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Celebrities being sued for promoting Bored Ape Yacht Club:
Kevin Hart
Madonna
Steph Curry
Post Malone
Snoop Dogg
Jimmy Fallon
Justin Bieber
Serena Williams
Paris Hilton
https://t.co/LDggvduCRg
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Kevin Hart
Madonna
Steph Curry
Post Malone
Snoop Dogg
Jimmy Fallon
Justin Bieber
Serena Williams
Paris Hilton
https://t.co/LDggvduCRg
📍 Follow @Coins for the hottest news in crypto.
CNN
Why Tom Brady, David Ortiz, Jimmy Fallon and other celebrities are getting sued over crypto | CNN Business
With the implosion of Sam Bankman-Fried’s FTX dominating the headlines, celebrities who hawked cryptocurrency are now finding themselves under fresh legal scrutiny.
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This week's CPI report is the first that will be calculated with a new methodology.
Example:
- 2022 CPI = 2019+2020 consumption
- 2023 = ONLY 2021 consumption
Previously, CPI was calculated using 2 years of data, now it will be just 1.
What a convenient time to change this.
📍 Follow @Coins for the hottest news in crypto.
Example:
- 2022 CPI = 2019+2020 consumption
- 2023 = ONLY 2021 consumption
Previously, CPI was calculated using 2 years of data, now it will be just 1.
What a convenient time to change this.
📍 Follow @Coins for the hottest news in crypto.
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