Despite some good signs of a recovery in cryptocurrency prices, the past week cannot be called a bright one for the market, as the main news came from the executors and not from the regulators. According to a New York Times report, The US Treasury Department’s Office of Foreign Assets Control (OFAC) has been investigating cryptocurrency exchange Kraken for allegedly allowing users based in Iran and other countries to buy and sell cryptocurrencies in a possible violation of US sanctions. .
In the other hemisphere Philippine think tank Infrawatch PH filed a twelve-page complaint calling on the local Securities and Exchange Commission (SEC) to crack down on Binance’s activities in the country. The news comes shortly after the Philippines Department of Trade and Industry (DTI) rejected a Binance ban proposal in early July, citing a lack of regulatory clarity as one of the world’s largest cryptocurrency exchanges remains unavailable. be licensed in the Philippines.
These developments form an alarming trend, given the ongoing investigation by the United States Securities and Exchange Commission into alleged unregistered securities trading by Coinbase. Michael Bacina, an Australian lawyer specializing in digital assets at Piper Alderman, told Cointelegraph that the impact on exchanges could come whether the tokens are determined to be securities or not.. And, it would be serious and chilling for both those exchanges and the token projects.
Cathie Wood Sells Coinbase Stock Amid Insider Trading Accusations
One of the largest shareholders of cryptocurrency exchange Coinbase has dumped a massive amount of shares due to a reported SEC investigation. Cathie Wood’s investment firm, Ark Investment Management, has sold a total of more than 1.4 million Coinbase shares, or 0.6% of the ETF’s total assets. Based on the closing price on the day of the sale, the value of the shares sold was just over $75 million.
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There will not be a stablecoin bill in the US until September.
Lawmakers in the United States House of Representatives reportedly delayed the deadline to consider a bill that addresses the potential risks of stablecoins. According to a report in the Wall Street Journal, people familiar with the matter said House members will likely delay voting on a stablecoin bill until September after failing to complete a draft in time for a committee meeting. Unresolved issues in the bill reportedly include Treasury Department custody wallet provisions and SEC concerns.
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IMF Suggests Dark Clouds Ahead for Cryptocurrencies
The IMF’s July update on the World Economic Prospects, titled “Gloomy and More Uncertain,” points to “higher-than-expected inflation” and a contraction in global output as indicators of the meager incoming economic growth. And unfortunately for the cryptocurrency industry, in that sense, it remains closely tied to the global financial market: the report cites the cryptocurrency bear market as one of the global macroeconomic factors.
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