Monday March 20, 2023
◾ Microsoft (MSFT) is planning to test a non-custodial, crypto wallet in its Edge browser. (Bleepingcomputer)
◾ Binance responded to Senator Warren’s (D-MA) March 1st information request by providing information on the exchanges efforts to build out its compliance program but failed to provide any significant financial details. (Bloomberg)
◾ The European Parliament’s Chair of the Budget Committee is calling for a strict ban on cryptocurrencies calling digital assets a “speculative poison” that adds “no economic or social…value. If a government bans drugs, it should also ban cryptos.” (Twitter)
Government & NGO Actions
◾ Venezuelan President Nicolas Maduro is calling for the restructuring of SUNACRIP (Superintendency of Crypto Assets and Related Activities) following an investigation into top officials accused of allegedly plotting to steal from Venezuela’s oil operations. (Decrypt)
◾ Taiwan intends to name the Financial Supervisory Commission its chief regulator for crypto exchanges and virtual assets. (Bloomberg)
◾ The head of the Dutch regulatory watchdog is calling for strict enforcement of Europe’s new digital currency regulations requiring wallet providers and exchanges to seek licenses. (afm.nl)
◾ Invest Hong Kong has received expressions of interest from over 80 virtual asset-related Mainland and foreign companies to establish a presence in Hong Kong. (Info.gov.hk)
Public Company Releases
◾ Grayscale Investments said it will require additional time to determine whether or not to sell proof-of-work Ethereum tokens received following the Ethereum proof-of-stake fork. (Sec)
◾ Salesforce (CRM) is onboarding clients on to Polygon (MATIC) to help create token-based loyalty programs. (Twitter)
Restructuring, Losses and Legal News
◾ The FDIC is selling Signature Bank’s deposits and certain loan portfolios, excluding the digital banking business, to New York Community Bancorp. (Fdic.gov)
◾ FTX had assets of $4.8 billion and liabilities of $11.6 billion resulting in a $6.8 billion deficit at the time of its bankruptcy. (Bloomberg)
◾ Crypto lender Genesis asked the bankruptcy court to establish a May 22nd deadline for all creditors to submit claims and May 5th for interested bidders to express interest. (Coindesk)
◾ The Justice Department and Sam Bankman-Fried’s (SBF) lawyers expect to reach a new bail agreement for SBF next week. (Reuters)
◾ FTX’s outstanding bill at the Bahamas’ Margaritaville resort is $600,000 and its unpaid bill from food delivery service Door Dash is $400,000. (Nypost)
◾ The auction date for the sale of FTX’s derivatives exchange LedgerX has been delayed to April 4th with a final hearing on April 12th. (Theblock)
Protocols, Applications & Business News
◾ Coinbase (COIN) is looking to establish a new alternative crypto trading platform outside of the US. (Bloomberg)
◾ The provisional banking charter for Protego expired without the crypto custodian receiving a permanent national trust charter. (Fortune)
◾ Investor and former Coinbase (COIN) CTO Balaji Srinivasan agreed to bet $1 million that the price of bitcoin will reach the million level within 90 days. (Twitter)
◾ Crypto ATM provider General Bytes cloud service was breached as well as other operator’s standalone servers. (Generalbytes)
AI Announcements
◾ 20 years after its original release, Linden Labs is launching Second Life on Mac iOS and Android mobile platforms. (Arstechnica)
Metaverse Briefings & Activations
◾ Chinese advancements in metaverse-related technologies are expected to overtake advancements in the West this year. (Verdict)
Exchange, Custody and Product Updates
◾ Crypto derivative exchange Deribit is launching bitcoin volatility trading contracts. (Deribit)
Thoughts on the Ecosystem
◾ OpenAI CEO Sam Altman warned that AI models “could be used for large-scale disinformation… [and] offensive cyber-attacks.” (Theguardian)