Bitcoin (BTC) tumbles in a pre-halving correction, but whales like Michael Saylor see an opportunity. His company, MicroStrategy, just gobbled up another $600 million worth, adding to their already massive Bitcoin stash.
This aggressive move mirrors a bullish undercurrent—qualified institutional buyers are chomping at the bit, as evidenced by MicroStrategy's convertible note offering. But that's not all!
This week's crypto news is packed with game-changing developments, from the SEC grappling with Ether ETFs to the EU cracking down on anonymous transactions. Follow along as we unpack the latest events shaping the future of crypto.
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melegachannel) on Telegram for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (March 17–23, 2024)
● Genesis Settles SEC Case with $21M Penalty
● EU Moves to Ban Anonymous Crypto Transactions in AML Clampdown
● SEC Delays Decision on Ether ETFs Amid Waning Approval Prospects
● SEC Investigates Efforts to Label Ether as Security
● Judge Advances Class-Action Lawsuit Against Silvergate Bank Over FTX Fraud Allegations
● BlackRock Ventures into Tokenization with New Digital Fund
Genesis Settles SEC Case with $21M Penalty
Genesis Global Capital agrees to pay a $21 million civil penalty, settling charges over the Gemini Earn lending program. The SEC accused Genesis and Gemini of unregistered securities offerings, emphasizing the necessity for compliance with securities laws. The settlement, subject to bankruptcy proceedings, follows Gemini's $37 million penalty for compliance failures, aiming to return over $1.8 billion in cryptocurrency assets to users.
EU Moves to Ban Anonymous Crypto Transactions in AML Clampdown
The European Parliament's committees have endorsed new Anti-Money Laundering regulations that include a ban on anonymous cryptocurrency transactions through hosted wallets. This decision, part of broader efforts to tackle money laundering and terrorist financing, mandates the identification of parties in all crypto transactions, regardless of their value. Critics, including Patrick Breyer of the Pirate Party, argue this undermines financial privacy and economic independence, fearing it could limit the fundamental principles of cryptocurrency and its use within the EU.
SEC Delays Decision on Ether ETFs Amid Waning Approval Prospects
The SEC postpones verdicts on Hashdex and ARK 21Shares Ether ETFs, signaling dwindling hopes for approval. Analysts grow pessimistic, with odds dropping to 32%. Grayscale is considering adding staking to its ETF proposal, aiming to mitigate inflationary pressures. With Ethereum's price volatility, public sentiment declines, contrasting with the reverse scenario observed during Bitcoin's ETF race.
SEC Investigates Efforts to Label Ether as Security
The U.S. Securities and Exchange Commission (SEC) has reportedly issued subpoenas to U.S. companies involved in efforts to classify Ether as a security. This investigation follows the Ethereum Foundation's suggestion of being under state scrutiny, potentially leading to regulatory classification of Ether. While the SEC has approved Ether futures-based ETFs, it's yet to decide on spot ETH ETFs. The move signals growing regulatory scrutiny over cryptocurrency classifications, sparking concerns and calls for regulatory clarity.
Judge Advances Class-Action Lawsuit Against Silvergate Bank Over FTX Fraud Allegations
A federal judge in San Diego has ruled that Silvergate Bank must face a class-action lawsuit for allegedly aiding fraud at cryptocurrency exchange FTX and Alameda Research. The court dismissed Silvergate's bid to dismiss the lawsuit, finding sufficient allegations that the bank was complicit in FTX's fraud, enriching itself at the expense of FTX customers. Despite Silvergate's denials, the lawsuit claims the bank processed and accepted transfers that facilitated the misuse of customer funds, significantly boosting its income. This ruling comes after Silvergate's collapse in March 2023, following the downfall of FTX in November 2022.
BlackRock Ventures into Tokenization with New Digital Fund
BlackRock, the globe's leading asset manager, has initiated its journey into asset tokenization by filing for the BlackRock USD Institutional Digital Liquidity Fund with the SEC. This innovative move, marking the company's entry into tokenized asset funds, aims to revolutionize financial asset management with benefits such as instant settlement and enhanced security.
With a $100,000 minimum investment, the fund will leverage the Ethereum blockchain for its operations, highlighting BlackRock's commitment to integrating blockchain technology into traditional finance.
NEWS FROM MELEGA ECOSYSTEM
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