Author: NBTC

The US SEC has raised concerns over the status of Circle’s stablecoin, USDC, as the company seeks to go public in a multi-billion dollar initial public offering (IPO), Barron’s reported on June 18, citing regulatory documents. The SEC’s concerns are primarily related to the risks associated with USDC and other stablecoins potentially being classified as securities under US law. The watchdog expressed similar concerns in 2021 when Circle tried to go public via a special-purpose acquisition company (SPAC). According to the report, the documents reveal an extended exchange between the SEC’s Division of Corporation Finance and Circle, spanning nearly a…

A widely followed crypto strategist thinks that Bitcoin (BTC) is in a position to ignite a breakout rally on the way to fresh all-time highs over the next few days. In a new video update, pseudonymous analyst Credible tells his 53,200 YouTube subscribers that Bitcoin may have just started a five-wave rally that could send BTC above $100,000. Credible relies on the Elliott Wave theory, which states that a bullish asset often witnesses a five-wave surge where waves one, three and five are upside moves and waves two and four are corrective periods. According to the analyst, Bitcoin’s recent move…

Ethereum ETF issuers are expected to file updated S-1s before weekend following Bitwise filings. SEC didn’t explicitly declare ETH a commodity despite closing Ethereum 2.0 investigation. Ethereum’s increased implied volatility may be misleading as institutions may employ similar cash-and-carry arbitrage strategy when spot ETH ETFs launch. Ethereum’s (ETH) price increased over 4% in the past 24 hours after the Securities & Exchange Commission (SEC) dropped its Ethereum 2.0 investigations amid expectations of spot ETH ETFs. However, the recent excitement surrounding ETH ETFs may not lead to the expected price increase. Daily digest market movers: Bitwise files updated ETH ETF S-1,…

Circle CEO Jeremy Allaire said he has “never been more optimistic than right now” about the future of crypto in his 11 years leading the firm behind the USDC stablecoin. In a detailed social media post, Allaire outlined his reasons for this positive outlook, emphasizing the potential of crypto and the progress made over the past decade. He suggested that the majority of people still do not fully grasp the unfolding changes in digital finance. Drawing on his extensive experience with internet technology adoption cycles, Allaire believes crypto will play a significant role in society and the economy. Historical progression…

VeChain secures its 67th patent, revolutionizing carbon trading with blockchain technology. This breakthrough could significantly impact VET’s market price. VeChain has announced a groundbreaking patent for its carbon trading technology, marking its 67th patent and solidifying its role as a blockchain innovation leader. According to blockchain expert Collin Brown, VeChain has achieved a significant milestone by securing a patent for its pioneering carbon trading technology. This development, revealed in Collin’s recent tweet, marks VeChain’s 67th patent, reinforcing its position as a leader in blockchain innovation. 🚀 VeChain has just secured a groundbreaking patent for carbon trading technology! This brings #VeChain’s…

Congressman Patrick McHenry (R-N.C.) chairs the powerful House Financial Services Committee, and has been the leading Republican on the panel for years. Last year, he spent a few weeks as the Speaker Pro Tempore of the House of Representatives, after lawmakers voted to oust then-speaker Kevin McCarthy (R-Calif.). McHenry announced his retirement in December and will leave office when his term expires this coming January. He spoke virtually at Consensus 2024 in Austin at the end of May. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for…

LayerZero’s native token, ZRO, has been listed on Binance with a seed tag. Beyond Binance, ZRO has also been listed on other major exchanges like Upbit, Bybit, Bitget, OKX, and others. Despite a sluggish performance in the global cryptocurrency market over the past fortnight, new projects and developments continue to create buzz. In the queue, LayerZero, an omnichain interoperability protocol, has garnered significant support from the crypto community following a successful airdrop. This led to the listing of its native token, ZRO, on several prominent exchanges. Leading the charge, Binance, the world’s largest cryptocurrency exchange by trading volume, has announced…

Key Points: The SEC concluded its 14-month investigation into Ethereum, which Consensys founder Joseph Lubin sees as a positive but inadequate regulatory move. Consensys SEC lawsuit will continue to seek clearer regulatory guidelines and accuse the agency of overreach in trying to classify ETH as security. The closure of the investigation is seen as a significant victory, with broad support for Consensys’ stance on protecting Ethereum from regulatory overreach. Fox Business journalist Eleanor Terrett recently reached out to Consensys founder Joseph Lubin to discuss the U.S. Securities and Exchange Commission’s (SEC) decision to end its investigation into Ethereum (ETH). Consensys…

Hong Kong has become a premier global destination for Web3 and digital assets, with its approval of digital currency ETFs and favorable regulations opening up new opportunities for investors and innovators, says the region’s top finance official. Christopher Hui, the Secretary for Financial Services and the Treasury, revealed in a recent statement that he had been on a European tour, visiting Spain, the Netherlands, and Portugal. While there, he marketed Hong Kong as a virtual assets haven. “In terms of financial innovation, I introduced to local regulators and the financial industry in Europe how Hong Kong, as a pioneer in…

Matter Labs, the main development firm behind the layer-2 network ZKsync era, has officially disclosed the distribution criteria for its long-awaited ZK token airdrop. According to the plan released Tuesday, 17.5% of ZK’s 21 billion total token supply will be airdropped to users beginning “next week.” Like other layer-2 networks, ZKsync Era pitches itself as a quick and cheap way to send transactions on Ethereum. According to Matter Labs, the ZK airdrop will be the “largest distribution of tokens to users amongst major L2s,” with just under 3.7 billion tokens going to users. Pre-market prices from Aevo, a crypto perpetuals…