NewsBriefs - SEC takes legal action against UBI Blockchain for non-compliance

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• Oct 16, 5:07 AM Hand-Picked

  SEC takes legal action against UBI Blockchain for non-compliance

  The SEC has initiated administrative proceedings against UBI Blockchain Internet Ltd. (UBIA) for failing to file periodic reports since May 2019. UBIA, a Delaware corporation based in Hong Kong, is accused of violating Exchange Act Section 13(a) and related rules. The SEC aims to determine whether to suspend or revoke UBIA's securities registration for investor protection.

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• Oct 15, 2:15 PM Cointelegraph

  EU MiCA bill to shape global stablecoin regulations says Binance

  Binance views EU's MiCA bill as a critical element for global stablecoin regulation. The framework, effective Dec 30, will serve as a benchmark for other jurisdictions. MiCA enhances market stability and consumer protection while fostering innovation. It prohibits algorithmic stablecoins to prevent collapses like Terra USD. However, strict implementation could burden DeFi protocols with licensing and KYC requirements. The bill may also lead to industry consolidation, favoring larger firms with more resources. Major banks are already preparing MiCA-compliant digital asset offerings.

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• Oct 14, 5:00 AM Coindesk

  Ethena Labs proposes SOL to join BTC and ETH as part of USDe's collateral

  Ethena Labs proposed adding SOL to USDe's collateral mix, potentially joining BTC and ETH. The synthetic stablecoin USDe maintains its $1 peg using collateralized stablecoins, hedged trades, and risk-managed reserves. If approved, SOL's initial allocation target is $100-200 million, representing 5-10% of its open interest. The proposal also considers using liquid staking tokens like BNSOL and bbSOL. Ethena recently allocated $46 million to tokenized real-world asset investments, aligning with DeFi trends.

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• Oct 11, 11:40 AM Bitcoin Sistemi

  BlackRock and Metaplanet boost Bitcoin purchases amid market fluctuations

  BlackRock and Metaplanet have ramped up their Bitcoin acquisitions despite recent market volatility. BlackRock bought 12,272 BTC worth $742 million in 16 days, bringing its total holdings to 369,822 BTC valued at $22.4 billion. Metaplanet, an Asian crypto investment firm, purchased 108.99 BTC for 1 billion yen, increasing its total holdings to 748.50 BTC. These large-scale purchases by institutional investors signal growing confidence in Bitcoin's long-term value, even as the crypto briefly dipped below $59,000 following US CPI data before rebounding above $60,000.

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• Oct 10, 4:07 PM Crypto Briefing

  Ripple files cross-appeal notice in SEC lawsuit over XRP sales

  Ripple Labs has filed a cross-appeal notice challenging a $125 million fine for institutional XRP sales. This follows the SEC's appeal of a ruling that XRP tokens on secondary markets aren't securities. The fine is significantly less than the SEC's initial $2 billion demand. Both appeals will be consolidated into one case at the US Court of Appeals for the Second Circuit. Ripple's CLO had previously hinted at this move in response to the SEC's appeal.

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• Oct 10, 3:15 PM Hand-Picked

  Schwab survey reveals 45% of respondents plan to invest in crypto ETFs

  A $9 trillion Charles Schwab survey shows growing interest in crypto ETFs, with 45% of respondents planning to invest in Bitcoin and crypto ETFs in 2024, up from 38% in 2023. US equities remain the top asset class at 55%, while bonds hold steady at 44%. Millennials show higher interest in fixed income and alternatives. The survey comes as the SEC recently approved 11 Bitcoin spot ETFs, expanding the crypto ETF market.

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• Oct 10, 2:56 PM The Block

  Justin Sun elected as prime minister of Liberland

  Justin Sun, Tron founder, was elected prime minister of Liberland, a crypto-focused micronation between Croatia and Serbia. Liberland, established in 2015, was the first country to adopt Bitcoin as its official currency. The election used a blockchain-based system, promoting transparency. Sun's crypto expertise is expected to advance Liberland's blockchain projects. The micronation operates on a decentralized online platform, allowing resident participation in governance.

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• Oct 10, 2:46 PM Crypto Briefing

  Uniswap launches Unichain, an Ethereum layer 2 solution

  Uniswap Labs unveiled Unichain, an Ethereum layer 2 solution built on OP Stack. The launch boosted UNI token by 13% to $8.13. Unichain aims to tackle high gas fees, improve execution quality, and address liquidity fragmentation. It features verifiable block building, trustless revert protection, and Flashbots' Rollup-Boost technology. Uniswap plans to support V2, V3, and preview V4 protocols, with potential extensions to enhance security and fairness.

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• Oct 10, 4:15 AM The Block

  Optimism distributes 10.3 million OP tokens in fifth airdrop to Superchain users

  Optimism rolled out its fifth airdrop, distributing 10.3 million OP tokens worth $16 million to 54,700 Superchain users. The airdrop rewards activity on various chains within the Superchain ecosystem, including OP Mainnet, Base, and Zora. Eligibility criteria include interacting with at least 20 contracts between March and September 2024. Optimism has distributed over 265 million OP tokens through five airdrops, with 550 million tokens remaining for future distributions. The OP token currently trades at $1.55 with a market cap of $1.9 billion.

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• Oct 9, 9:09 AM The Block

  Caroline Ellison agrees to hand over assets to settle FTX lawsuit

  Former Alameda Research CEO Caroline Ellison has agreed to transfer most of her assets to FTX debtors to settle a lawsuit. The settlement aims to recover $28.8 million in bonus payments. Ellison will retain only personal physical property and cooperate with ongoing investigations. This development follows FTX's bankruptcy filing in 2022 and recent court approvals of its reorganization plan. Ellison was previously sentenced to two years for her role in FTX's collapse, while founder Sam Bankman-Fried received a 25-year sentence.

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• Oct 8, 5:19 AM Coindesk

  Hong Kong SFC plans to approve more crypto exchange licenses by year end

  Hong Kong's SFC aims to approve more crypto exchange licenses by year-end. CEO Julia Leung revealed 11 applicants have undergone on-site reviews. HKVAX recently became the third approved exchange, joining HashKey and OSL. The move follows criticism of strict regulations hampering Hong Kong's crypto hub aspirations. Some international firms withdrew applications, while lawmakers debate regulatory approaches. The SFC is also considering licensing for crypto OTC and custody services.

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• Oct 7, 4:13 AM Metaplanet

  Metaplanet buys another ¥1 billion worth of BTC

  Japanese company Metaplanet bought 108,786 Bitcoin for 1 billion yen, averaging 9,192,359 yen per coin. Their total holdings now reach 639,503 Bitcoin, valued at 59.65 billion yen. This follows a previous purchase of 107.91 Bitcoin on October 1. Metaplanet's long-term Bitcoin investment strategy mirrors approaches by MicroStrategy and El Salvador, aiming to profit from future price growth.

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• Oct 7, 2:58 AM Cointelegraph

  G7 antitrust authorities may take action on AI sector competition

  G7 antitrust watchdogs signaled possible enforcement action to protect AI sector competition. They aim to reduce bottlenecks hindering new entrants, prevent collusion between AI firms, and address concerns about copyright, consumer protection, and data privacy. The group emphasized fair competition, interoperability, and open technical standards to promote innovation and prevent market concentration in AI.

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• Oct 6, 7:11 PM The Block

  US aims to seize $2.7 million from North Korean crypto hacks

  The US is seeking to seize $2.67 million in crypto stolen by North Korea's Lazarus Group from Deribit and Stake.com hacks. Funds were traced through mixers like Tornado Cash, Sinbad, and Yonmix. Hackers converted stolen assets to USDT and Bitcoin, using cross-chain bridges and mixers to obscure transactions. Law enforcement froze some funds but the majority was successfully laundered. Despite improved tracing capabilities, Lazarus Group remains active in crypto hacks.

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• Oct 5, 5:00 PM LinkedIn

  MicroStrategy looking to hire Bitcoin Advocacy Manager

  MicroStrategy, the top corporate Bitcoin holder, is hiring a Manager of Bitcoin Advocacy to lead initiatives and corporate adoption strategies. The role involves overseeing an annual Bitcoin conference, driving education efforts, and solidifying MicroStrategy's position in the Bitcoin community. The manager will work across departments, leveraging partnerships and contributing to marketing campaigns. A DC-based hub for Bitcoin community interactions is also planned. The job posting has received 37 applications so far.

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