🏓 Filecoin is underdog?
Hi TC folks. $FIL deemed as security, France welcomes crypto companies, MiCa gets approved, Coinbase apologizes to Pepe community, BlockFi demands $1B from FTX, Tether eyes bitcoin, and Ripple wins Hinman speech. Let's get right to it.
Weekly Digest From TradeCrypto.com #17
News to follow:
Daily statistics update:
Today's market is flat. BTC is trading at $26,958; ETH is around $1,810.
💪 Bitcoin dominance: 46.35%
📉 Total Crypto Market Cap: $1.13T
😲 Fear and greed index: 48 (Neutral)
🚀 7d Gainers (Top-100)
• Render Token (RNDR) +42.86%
• Pepe (PEPE) +30.83%
• Mask Network (MASK) +29.96%
😭 7d Losers (Top-100)
• XDC Network (XDC) -6.96%
• Bitcoin SV (BSV) -4.90%
• Klaytn (KLAY) -2.22%
🔮 Doom Cat: Europe as a new crypto hub?
Coinbase apologizes to Pepe
Last week, Coinbase published a newsletter linking the Pepe coin to far-right groups and calling it a hate symbol. The Pepe community was furious and demanded an apology from Coinbase. 🤬 They got it. Coinbase CLO Paul Grewal tweeted that they "screwed up" with the newsletter. They said they wanted to provide a fact-based picture, but failed to provide the whole picture. As you can see above, Pepe gained back what it lost last week, and the hashtag #deletecoinbase is no longer trending on Twitter. 😉
BlockFi demands $1B from FTX
Apart from failing to divest its lending business and now trying to liquefy the business, BlockFi has also demanded a large sum from FTX and Alameda, as this would make a huge difference for their clients. 🥺 BlockFi has already filed with the court that about $355 million is frozen in FTX and $671 million is loaned to Alameda. Maybe their liquidation plan will be approved by the court, but we all know that BlockFi's users will probably have to wait, as IRS is demanding oodles of money from FTX and Alameda, and their claims have priority. 🥵
EU ministers approve MiCA
Finance ministers from all states have unanimously endorsed a regulatory framework for Markets in Crypto-Assets (MiCA). Clear regulation is one step closer. 👏 Along with MiCA, the European Parliament also passed two other laws dealing with rules for the provision of information in money transfers and the regulation of certain types of cryptocurrencies. The next step in the lengthy process for MiCA to become EU law is for the law to be published in the Official Journal of the European Union. Once that happens, it'll take about a year for MiCA to come into effect, and the regulations will officially take effect around mid-2024. Is this a sign to move to Europe? 👝
Ripple won't be silenced
There was a motion filed in court by SEC that wanted to seal documents, a speech by former SEC director William Hinman, that stated ether is not a security. 👀 So the court denied the motion, the documents won't be sealed, and Ripple will use them in its defense. A clear win for Ripple and the entire crypto community. Yet the judge also said the Hinman speech had nothing to do with agency position, decision, or policy. The court decided to make the speech public but hide the names from it. XRP token jumped 2.6% on the news.📈
Tether eyes bitcoin
Tether to invest up to 15% of its profits in bitcoin. 🤑 The issuer of the world's largest stablecoin USDT plans to shift its reserves into the major cryptocurrency. At the end of Q1, Tether held $1.5 billion worth of bitcoin, or about 2% of its reserves. About 85% was held in cash, cash equivalents and other short-term deposits - primarily Treasury bills. Tether believes bitcoin represents a long-term value. The news comes alongside rumors of a possible U.S. default. Stablecoin, backed by the U.S. dollar, seems to believe more and more in bitcoin than in the U.S. dollar. 💸
France greets crypto companies
Crypto companies that decide to leave the U.S. market in the face of strict regulations are welcome in France, AMF Secretary General Benoit de Juvigny said. While France already has 74 crypto companies registered and MiCA is coming, it's a different story in the U.S. SEC isn't happy with Bittrex, Coinbase, Kraken, Gemini, Genesis, and Filecoin. 🤬 But we should not forget that Coinbase CEO, Brian Armstrong, said that they'll not leave the U.S. Others can take his lead. 👀
Prosecutors against Do Kwon's bail
Last week Do Kwon requested $436,000 bail to await a Montenegro court ruling on forged documents in his apartment. The court agreed, but gave several days for all involved to appeal this decision. The Montenegrin prosecutor's office did just that.😜 So Do Kwon will have to wait a little longer for the final decision. While the U.S. is waiting to charge him with eight separate counts, South Korea is waiting to extradite him and put him in prison for 40 years.
Filecoin fights SEC
On May 17, SEC asked Grayscale to dissolve its Filecon Trust because they found out that FIL is actually a security. And this is where the battle began between Filecoin and SEC. Filecoin said the blockchain is a decentralized peer-to-peer network for storing files and stated that FIL isn't a security. 💪 Over the past decade, thousands of people have contributed to Filecoin. $FIL hasn't reacted on the news, but we bet there's more to come. 📉
Conclusion: An interesting picture emerges - in the States, the colors are thickening over crypto companies. And in Europe, they're welcomed with open arms. No matter how hard Coinbase tries to get clemency and new rules from SEC, the company is running headlong into the wall. Still, no one is packing their bags yet. So what is the issue?
See you next week, folks! Thanks for being with us.Brought to you by Yana and Aleksandar :)
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