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Last year, the SEC bulked up its newly named Crypto Assets and Cyber Unit by 20 positions, signaling the enforcement push we’re seeing now. Setting aside the bulk of the agency’s crypto cases, which were chasing old-fashioned crooks stealing people’s money or pursuing a crackdown on so-called initial coin offerings, the list of consequential cases is still considerable.
The agency piled onto the litany of civil and criminal accusations against fallen crypto platform FTX by saying its exchange token, FTT, is an investment contract that should be in the hands of SEC oversight. The regulator then pursued cases against Gemini Trust and Genesis Capital for yield products it also considers securities (like BlockFi’s), and against Kraken, arguing the firm’s staking service fit that same bill. (Genesis is a subsidiary of Digital Currency Group, CoinDesk’s parent company.)
On Feb. 20, institutional crypto fund manager CoinShares reported that digital asset investment products saw outflows totaling $32 million last week, the largest outflow of the year.
The majority of those outflows, or 78%, were from Bitcoin related investment products and there was an inflow of $3.7 million to Bitcoin short funds. The firm blamed the regulatory crackdown for the increased outflows.
FBBA Special Notice
Web3 Day At The Capitol May 2nd 2023
The Florida Blockchain Business Association will be hosting its Third Annual Blockchain Day at the Capitol on May 2nd, 2023 in Tallahassee. Stay tuned as more information will be presented in coming news letters. If you are interested in attending please click here and type "Blockchain Day At The Capitol" in the message. This event is limited.
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In The Know
Pakistan Defense Minister acknowledges country has already gone bankrupt. Many of the country's biggest companies have halted operations due to forex shortages. The country faces a crippling economic crisis, with decades-high inflation and critically low foreign exchange reserves depleted by continued debt repayment obligations.
Bitcoin Is now worth more than Visa.
The Chinese central bank injected $92bn USD into the market on Friday!
On June 1st, 2023, Hong Kong will officially make crypto trading fully legal for all of its citizens
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