Weekly Recap: U.S. Regulators Reject Coinbase’s Petition for Clear Rules
Today’s Weekly Recap dives into U.S. regulators’ rejecting Coinbase’s petition for clear rules; the Ledger hack; SafeMoon’s bankruptcy; former U.S. President Donald Trump’s new NFTs; and the massive breach at NFT Trader.
Regulatory Efforts
- U.S. CFTC Chairperson Rostin Behnam stated that most crypto assets are commodities under existing laws.
- Tether reaffirmed its willingness to work with U.S. authorities and emphasized AML and KYC measures.
- Binance responded to the SEC’s argument, claiming it was erroneous.
KuCoin Exits New York, Sen. Warren Introduces Crypto Bill
- KuCoin settled charges from New York regulators with a $22 million fine and agreed to exit the state.
- Sen. Elizabeth Warren introduced a bill to crack down on cryptocurrencies, which received support from democratic lawmakers but faced criticism from the crypto community.
SEC Denies Coinbase’s Petition for Clear Rules
- The SEC denied Coinbase’s petition for clear rules, leading Coinbase to take the case to the U.S. Court of Appeals.
- Coinbase argued that the SEC was in cahoots with Sen. Warren to gaslight U.S. citizens.
Update on Bitcoin ETF Developments
- Valkyrie Investments filed a new S-1 with the SEC for a cash-only method for its spot Bitcoin ETF.
- The SEC delayed the decision on Invesco Galaxy’s spot Ethereum ETF filing.
- SEC Chairperson Gary Gensler disclosed that the regulatory body is considering the applications with a fresh outlook.
- Analysts forecasted multiple ETF approvals between Jan. 5 and 10.
Ledger Connect Kit Faces Exploit
- An exploit targeted Ledger’s Connect Kit tool, resulting in the theft of funds from users.
- The exploit occurred due to a former employee falling victim to a phishing exploit.
- Ledger has since fixed the issue.
Trump Releases New NFT Series
- Former President Donald Trump released a third NFT series featuring his mugshots.
- David Riegelnig launched Rulematch, a crypto trading platform for banks supporting BTC and ETH.
SafeMoon Bankrupt, Do Kwon’s Custody Extended
- SafeMoon filed for Chapter 7 bankruptcy, leading to a full dissolution of the project.
- Su Zhu appeared before a Singaporean court regarding the collapse of crypto hedge fund 3AC.
- Do Kwon’s custody was extended in Montenegro as he faces possible extradition for alleged crimes.
NFT Trader Breached
- P2P platform NFT Trader was hacked, resulting in the theft of valuable NFTs worth approximately $2.4 million.
- The current holder of the NFTs has offered to return them for a 10% bounty.
- Market analyst ZachXBT urged caution when dealing with the bounty.
Hot Take: Weekly Recap Highlights Key Regulatory Developments and Security Breaches in Crypto Industry
This week’s recap sheds light on significant regulatory efforts, including the denial of Coinbase’s petition for clear rules and Sen. Warren’s introduction of a crypto bill. The SEC’s handling of Bitcoin ETF applications and the exploit targeting Ledger’s Connect Kit also made headlines. Additionally, Trump’s release of a new NFT series and SafeMoon’s bankruptcy added to the week’s events. The breach at NFT Trader highlighted the ongoing security challenges in the crypto industry. These developments emphasize the need for regulatory clarity, improved security measures, and responsible practices within the crypto ecosystem.
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