NewsBriefs - SEC revokes controversial crypto accounting guidance post-Gensler

Jan 23, 11:17 PM The Block

SEC revokes controversial crypto accounting guidance post-Gensler

The US Securities and Exchange Commission (SEC) has revoked Staff Accounting Bulletin No. 122, known as SAB 121, which required crypto custody firms to list customers' crypto assets as liabilities on their balance sheets. This decision, announced after former SEC Chair Gary Gensler's departure, marks a significant shift in the agency's approach to crypto regulation and reflects ongoing debates and legislative attempts to manage crypto accounting standards.

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• Jan 23, 11:17 PM The Block

  SEC revokes controversial crypto accounting guidance post-Gensler

  The US Securities and Exchange Commission (SEC) has revoked Staff Accounting Bulletin No. 122, known as SAB 121, which required crypto custody firms to list customers' crypto assets as liabilities on their balance sheets. This decision, announced after former SEC Chair Gary Gensler's departure, marks a significant shift in the agency's approach to crypto regulation and reflects ongoing debates and legislative attempts to manage crypto accounting standards.

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• Jan 23, 8:03 PM Cointelegraph

  BlackRock CEO advocates for SEC to quickly approve bond and stock tokenization

  Larry Fink, CEO of BlackRock, called for the US Securities and Exchange Commission to expedite approval for tokenizing bonds and stocks, highlighting the potential of digital assets to democratize investments. This initiative could impact various aspects of the crypto market, including competition for liquidity with stablecoins and opening new opportunities within DeFi platforms by adding traditional asset classes. The proposal, however, faces regulatory and legal hurdles that could delay its implementation.

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• Jan 23, 6:00 PM YZi Labs

  Binance Labs becomes YZi Labs, expands investment scope to AI and biotech

  Binance Labs has been rebranded to YZi Labs to reflect its autonomy and expanded investment focus which now includes Web3, artificial intelligence, and biotechnology. CZ will remain actively involved by mentoring founders, and Ella Zhang rejoins as Head of YZi Labs to lead its growth and innovation initiatives. YZi Labs remains committed to supporting transformative and innovative projects, further developing its incubation program, and continues supporting its current portfolio.

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• Jan 23, 4:33 PM The Block

  President Trump pledges US will become the world capital of artificial intelligence and crypto

  President Donald Trump, speaking at the World Economic Forum via livestream, affirmed his commitment to ensuring that the US becomes a leading hub for artificial intelligence and crypto. This echoes his statement last August about making the US the "crypto capital of the world," when he teased his DeFi project, World Liberty Financial, which has since been buying millions of ETH and other tokens.

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• Jan 23, 1:03 PM Cointelegraph

  OKX receives pre-authorization for MiCA compliance from MFSA in Malta

  Crypto exchange OKX has achieved pre-authorization for the MiCA (Markets in Crypto-Assets) regulatory framework from the Malta Financial Services Authority (MFSA). This step finalizes the review process, positioning OKX closer to acquiring a full MiCA license. The firm plans to extend its offerings in Malta, adding over 240 tokens and providing a combination of trading services to European users.

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• Jan 23, 7:21 AM Hand-Picked

  Justin Sun says TRON teams are working to enable zero-fee stablecoin transactions

  TRON is developing technology to eliminate transaction fees for stablecoin transfers on their blockchain. This initiative, part of their strategy to enhance the use of stablecoins by making them more economically efficient for users, reflects TRON's long-standing commitment to facilitating fast and low-cost transactions.

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• Jan 22, 5:35 PM The Block

  BlackRock CEO Larry Fink speculates Bitcoin could reach $700,000

  At the World Economic Forum in Davos, BlackRock CEO Larry Fink speculated that Bitcoin could potentially reach between $500,000 and $700,000 per token if major investors allocated 2% to 5% of their portfolios to it. He emphasized this was not a promotion but a theoretical scenario based on increased adoption. Fink highlighted Bitcoin's potential role in providing financial security in economically unstable regions and his growing appreciation for crypto's democratizing benefits.

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• Jan 22, 3:00 PM Decrypt

  Worldcoin value surges 25% following Trump's $500 billion AI investment announcement

  Worldcoin's price increased by 25% to $2.40 after President Donald Trump announced a $500 billion investment in AI, focusing on OpenAI's infrastructure. The initiative, named the Stargate Project, involves major companies like OpenAI, Oracle, Softbank, Microsoft, and Nvidia, aiming to solidify US leadership in AI and create significant economic and employment opportunities. The excitement around AI and crypto, sparked by the announcement, also affected other AI-related crypto tokens.

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• Jan 22, 2:14 PM The Block

  Coinbase exec discovers 430 BTC linked to Ross Ulbricht, untouched since Silk Road shutdown

  Coinbase Director of Product Strategy and Business Operations, Conor Grogan, has identified 430 BTC in wallets connected to Silk Road founder Ross Ulbricht. These funds, untouched for over 13 years, are not included in the 174,000 BTC previously seized by US authorities. This discovery follows Ulbricht receiving a full presidential pardon, restoring his freedom after more than a decade of imprisonment.

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• Jan 22, 3:26 AM Cointelegraph

  Trump unveils $500B Stargate AI project with OpenAI and partners

  US President Donald Trump announced the launch of a $500 billion AI infrastructure project named 'Stargate', in collaboration with OpenAI, SoftBank, and Oracle. The initiative, which aims to create over 100,000 jobs, will focus on building AI data centers across the US, with $100 billion being deployed immediately. Key technology partners include Microsoft, Nvidia, and Arm. The project is intended to boost US re-industrialization, enhance national security, and maintain leadership in AI innovation.

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• Jan 21, 12:44 PM The Block

  Coinbase commits to infrastructure upgrades amid Solana transaction delays

  Coinbase has acknowledged significant delays in Solana transactions, attributing the issue to increased activity on the Solana blockchain and promising infrastructure upgrades. The exchange is actively working with the Solana Foundation to improve service reliability and reduce transaction processing times. Coinbase reassures users that all assets are secure and adequately backed.

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• Jan 21, 12:00 PM GlobeNewswire

  Virtune introduces Finland's first crypto ETPs on Nasdaq Helsinki

  Virtune, a Swedish regulated crypto asset manager, has launched the first crypto exchange-traded products (ETPs) on Nasdaq Helsinki, Finland. This milestone marks the country's first foray into crypto ETPs, making it easier for Finnish investors to secure investments in crypto assets through regulated, euro-denominated financial instruments. The offering includes single and staked asset ETPs, providing varied investment opportunities in major cryptocurrencies and an altcoin index. This initiative significantly expands crypto investment capabilities in Finland using well-established financial platforms and trusted institutional partners.

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• Jan 21, 11:07 AM The Block

  ZachXBT cashes out $3.9 million in memecoin transactions on Solana blockchain

  ZachXBT, a known onchain sleuth, reportedly liquidated 91 million ZACHXBT tokens he received from a memecoin's developer, which constituted 50% of the token's supply on the Solana blockchain. This withdrawal from the ZACHXBT/SOL liquidity pool led to a significant decrease in the token's market capitalization from $97 million to approximately $19 million. Subsequently, ZachXBT transferred around 16,000 SOL, valued at about $3.9 million, to a market maker Wintermute via an over-the-counter trade.

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• Jan 21, 10:05 AM Cryptoslate

  Vivek Ramaswamy resigns from DOGE as Elon Musk takes leadership

  Vivek Ramaswamy has stepped down from his co-leadership role at the Department of Government Efficiency (DOGE), just after the department's inception by President Donald Trump on January 20. Ramaswamy expressed his confidence in Elon Musk, the new lead, to successfully streamline US government operations. The change in leadership at DOGE, a department aiming to modernize government technology and operations, coincided with its rebranding from the US Digital Service. Amidst this leadership transition, DOGE also faces legal challenges impacting its rollout.

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• Jan 21, 6:49 AM Wall Street Journal

  Coinbase may delist tether if required by new US legislation, says CEO

  Coinbase CEO Brian Armstrong stated that the exchange would delist the stablecoin tether if new US legislation demands it. This statement was made amid concerns about tether's use in illegal activities and its compliance with potential US regulations demanding stablecoins to maintain reserves in US Treasury bonds. Recently, Coinbase delisted tether in Europe due to new regulations, contrasting with the compliance of its USDC stablecoin with similar EU rules. The US government has yet to pass the proposed regulations targeting stablecoins like tether.

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