Bankrupt crypto lender Genesis is reportedly agreeing to pay a $21 million civil fine to settle with the U.S. Securities and Exchange Commission (SEC) over the now-defunct Gemini Earn program. According to a new report by Reuters, the settlement will allow Genesis to focus on repaying customers and creditors instead of having to defend itself […]
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Crypto exchange Binance’s legal defense against the U.S. Securities and Exchange Commission (SEC) has reportedly been delayed due to heavy snowfall. According to a new report by Reuters, Binance’s legal defense against the regulatory agency, which was originally slated for today, has been pushed back until January 22. Binance’s legal defense largely hinges on challenging […]
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The U.S. Securities and Exchange Commission (SEC) is reportedly asking firms that have bid to create Bitcoin (BTC) exchange-traded funds (ETFs) to complete last-minute corrections before the start of 2024. According to a new report by Reuters, anonymous sources familiar with the matter say the regulatory agency met with representatives of companies that applied to […]
The post U.S. SEC Asks Firms Applying for Spot Bitcoin ETFs To Complete Last-Minute Corrections Before New Year: Report appeared first on The Daily Hodl.
The U.S. Securities and Exchange Commission (SEC) is reportedly discussing crucial technical details with financial firms that applied for spot market Bitcoin (BTC) exchange-traded funds (ETFs). According to a new report by Reuters, industry executives say that the deliberation between the regulatory agency and those who placed bids for BTC ETFs is a sign that […]
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US crypto firms are reportedly breaking records in terms of how much they’ve spent on lobbying in 2023. According to a new report by Reuters, the US crypto industry spent a combined $18.96 million on lobbying in the first three quarters of 2023, $2.86 million more than it spent during the same period in 2022. […]
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US-based crypto exchange Kraken is reportedly adding to its suite of products with the addition of traditional stock offerings. According to a new report by Bloomberg Law, sources familiar with the matter say that Kraken is planning on offering US-traded stocks and exchange-traded funds (ETFs) to its customers. This marks the first time that Kraken […]
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The attorneys of those accusing Elon Musk and his company Tesla of defrauding investors are seeking to remove the billionaire’s legal counsel over a leaked letter. According to a new report by Reuters, a motion has been filed by the plaintiffs’ lawyer, Evan Spencer, to disqualify the legal representatives of Musk and the electric car […]
The post Plaintiff Lawyers in Elon Musk Dogecoin (DOGE) Lawsuit Seek To Remove Musk’s Legal Counsel Over Leaked Letter appeared first on The Daily Hodl.
According to Zambia Tech Minister Felix Mutati, the country needs digital identities and other necessary digital infrastructures before it introduces crypto.
Cryptocurrency regulation tests aiming to help shape crypto laws in Zambia that simulate the real-world use of crypto are on track to finish by June.
In an April 12 Reuters interview, Zambia’s innovation, science and technology minister, Felix Mutati, said the purpose of conducting the tests was to help the government “see what would happen in the real world,” to assist in forming crypto regulations.
Zambia’s central bank and securities regulator commenced the tests on Feb. 19, which Mutati said was looking to balance safety and innovation:
“Our main goal in the area of cryptocurrency is to strike a balance between innovation in terms of digital payments [...] against citizens’ safety, particularly given that cryptocurrency is very volatile.”
Additionally, Mutati stated that before cryptocurrencies can be introduced, digital identities and other digital infrastructures need to be implemented.
Related: Swedish Riksbank report looks at collaboration with potential e-krona in retail payments
Although Zambia’s debt restructuring process has been “long delayed,” with the largest portion of its debt owed to creditors from China, Mutati suggested it hasn’t deterred investment in Zambia.
“What we are seeing is increased appetite to invest in Zambia.”
Zambia was the first African country to default at the start of the COVID-19 pandemic in 2020. In a separate April 12 Reuters report, the country’s treasury secretary, Felix Nkulukusa, said thathe nation could lose the gains it achieved from its macroeconomic reforms if the debt restructuring is delayed further.
We continue engaging people on how we can achieve digital financial inclusion. pic.twitter.com/twoMnmI4BK
— Felix Chipota Mutati (@ChipotaFelix) April 6, 2023
When Mutati initially announced the country would be testing technology for crypto regulation on Feb. 19, he stated that “through digital payment platforms, people will become much more included in digital financial services.”
He added that “cryptocurrency will be a driver for financial inclusion and a change maker for Zambia’s economy.”
Many countries in the African region have made moves toward crypto adoption in recent times.
The Central African Republic made Bitcoin legal tender in April 2022, along with a regulatory framework for the use of cryptocurrency in the country.
It was reported on Dec. 18 that the Nigerian government plans to pass a new law in the near future that will recognize “cryptocurrency and other digital funds as capital for investment,” despite banning crypto activity in 2021.
Magazine: BTC white paper hidden on macOS, Binance loses AUS license and DOGE news: Hodler’s Digest, April 2-8
The plaintiff's brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed "a fictitious financial expert" and called Dogecoin “a hustle,” resulting in a steep price decline minutes after.
Elon Musk and his lawyers reportedly requested a United States judge to dismiss the $258 billion lawsuit filed by investors who alleged that he operated a pyramid scheme to promote the cryptocurrency Dogecoin (DOGE).
According to an April 1 Reuters report, Elon Musk's lawyers referred to the lawsuit filed by Dogecoin investors, as a “fanciful work of fiction,” in Manhattan's federal court on March 31.
It was reported that the investors accused Musk of driving up Dogecoin's price "more than 36,000% over two years and then letting it crash."
Musk's lawyers referred to his Dogecoin statements as “innocuous and often silly tweets," in an effort to convince the judge to "throw out" the multi-billion dollar lawsuit.
Related: Elon Musk slams ‘heavy-handed’ Fed as ex-BitMEX CEO sees $1M BTC price
Musk's lawyers explained that his Dogecoin-related comments – including “Dogecoin Rulz” and “no highs, no lows, only Doge” – were “too vague” to warrant a fraud claim. The lawyers noted:
“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”
The investors cited Musk’s Saturday Night Live (SNL) appearance, in May 2021, where he portrayed "a fictitious financial expert," and called Dogecoin “a hustle,” as a reference point in the lawsuit.
What is Dogecoin?
— DogeDesigner (@cb_doge) March 15, 2023
— Elon Musk, the Dogefather @elonmusk pic.twitter.com/3ZtD5gv221
Minutes after his SNL appearance, the price of DOGE dumped more than 25%, falling as low as $.50 from $.66 highs at the start of the show.
Musk appeared to make numerous efforts to reignite people's enthusiasm for Dogecoin following his television appearance.
He told his Twitter followers just days after that he is working with "Doge devs to improve system efficiency," and that it could be "potentially promising."
During the market crash in March 2022, Musk told his Twitter followers that he would not sell his crypto holdings including Bitcoin (BTC), Ethereum (ETH), or DOGE.
The lawyer representing the investors, Evan Spencer, reportedly stated in an email that "we are more confident than ever that our case will be successful."
Magazine: Crypto winter can take a toll on hodlers’ mental health
The U.S. government and the Federal Deposit Insurance Corporation (FDIC) are auctioning off two failed American financial institutions, Silicon Valley Bank (SVB) and Signature Bank (SNBY), this week, with bids due by March 17. However, sources familiar with the matter said the qualifications to purchase the banks are stringent, and reportedly, the purchasers cannot deal […]