Tuesday March 7, 2023
◾ FTX and Alameda Research sued Grayscale Investments for breaching its fiduciary duties and imposing a "redemption ban" that "could realize over a quarter billion dollars" of asset value for the bankrupt crypto exchange's customers. (Reuters)
◾ Genesis delayed this week’s expected release of its asset and liabilities schedule to its bankruptcy creditors until March 20th. (Restructuring.ra.kroll)
◾ The Bank of International Settlements and the Central Banks of Israel, Norway and Sweden concluded Project Icebreaker, which studied the potential benefits and challenges of using retail central bank digital currencies (CBDC) in international payments. (Bis.org)
Government & NGO Actions
◾ Australia’s Treasury department does not expect to have crypto regulations implemented until 2024 or 2025. (Afr)
◾ Thailand is waiving corporate and value added taxes for companies that issue digital tokens to raise capital. (Reuters)
◾ Acting OCC chief Michael Hsu is calling for the creation of a lead or “home” regulator with authority and responsibility for developing a consolidated and holistic view for crypto firms. (Occ.gov)
◾ State lawmakers in Utah passed the DAO Act granting decentralized autonomous organizations with a unique form of legal recognition distinguishing them from a limited liability company. (Natlawreview)
◾ White House Press Secretary Karine Jean-Pierre called Silvergate (SI) “the latest company in the cryptocurrency field to experience significant issues.” (Bloomberglaw)
Public Company Releases
◾ BitDigital (BTBT) earned 108 bitcoin (1.3 EH/s) in February with 382 BTC and 2,889 ETH sold to fund strategic investments and for general corporate purposes. (Cision)
◾ Canaan (CAN) reported 2022 revenue of $ 634.9million with gross profits of $253.4 million. (Canaan-creative)
◾ Argo Blockchain (ARBK) mined 162 bitcoin (2.5 EH/s) and sold 176 in February. (Argoblockchain)
◾ TeraWulf (WULF) has energized half of its 50-MW stake in the Nautilus Cryptomine facility using nuclear power. (Businessnewswire)
Restructuring, Losses and Legal News
◾ Voyager is refuting claims that its VGX token is a security. (Caes.stretto)
◾ Court records show that FTX lawyers and advisors billed $38 million plus expenses for the month of January. (Coindesk)
◾ The SEC filed an emergency action against BKCoin Management for operating a $100 million crypto-Ponzi scheme. (Sec.gov)
◾ The SEC filed a complaint against Green United for selling $18 million in mining equipment that did not actual work and distributing “green” tokens to the equipment owners to appear the machines were operating. (Courtlistener)
Protocols, Applications & Business News
◾ Grayscale is giving oral arguments in its lawsuit challenging the SEC’s decision to deny its application to convert the Bitcoin Investment Trust into a spot bitcoin ETF this morning at 10. (Twitter)
◾ Singapore-based crypto exchange Bybit is partnering with Mastercard (MA) to offer a crypto payment debit card in Europe. (Eqs-news)
◾ French fashion brand Hermes asked a Manhattan federal court to block the sale of “MetaBirkin” NFTs following last months verdict that the sale of the NFTs violates Hermes trademark. (Reuters)
AI Announcements
◾ Microsoft (MSFT) is bundling ChatGPT with its Power Platform allowing users to develop applications with little or no coding. (Reuters)