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Philipp Petkevitch
@petkevitch
What happened in the crypto industry last week (July 8-14)? 1/ The SEC has officially concluded its investigation into stablecoin issuer Paxos without recommending any enforcement actions. The company announced that it had successfully demonstrated compliance in its operations. Full details: https://paxos.com/blog/paxos-prevails-in-sec-investigation-of-busd-stablecoin-and-sec-will-not-pursue-enforcement-action/
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Philipp Petkevitch
@petkevitch
2/ The head of the CFTC stated that Bitcoin and Ethereum are commodities, not securities. This statement was supported by the 2022 Financial Stability Oversight Council report, which highlighted regulatory gaps in the "spot digital asset market" and called for resolution. Full report: https://cointelegraph.com/news/cftc-chair-bitcoin-ethereum-commodities-senate-testimony#:~:text=%D0%91%D0%B5%D1%85%D0%BD%D0%B0%D0%BC%20%D1%81%D0%BE%D1%81%D0%BB%D0%B0%D0%BB%D1%81%D1%8F%20%D0%BD%D0%B0-,%D0%BE%D1%82%D1%87%D0%B5%D1%82,-%D0%A1%D0%BE%D0%B2%D0%B5%D1%82%D0%B0%20%D0%BF%D0%BE%20%D0%BD%D0%B0%D0%B4%D0%B7%D0%BE%D1%80%D1%83
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Philipp Petkevitch
@petkevitch
3/ The German Federal Criminal Police's wallet, containing 49,859 BTC, was fully depleted after two weeks of active withdrawals, causing market turmoil. Wallet activity details: https://platform.arkhamintelligence.com/explorer/entity/germany
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Philipp Petkevitch
@petkevitch
4/ BitMEX pleaded guilty to violating the Bank Secrecy Act by failing to implement and maintain an adequate AML program. Full article: https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-pleads-guilty-bank-secrecy-act-offense
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Philipp Petkevitch
@petkevitch
5/ Uniswap Labs has called on the SEC to reconsider its approach to regulating the DeFi sector, following the Supreme Court's elimination of the Chevron doctrine. Read the document: https://blog.uniswap.org/wells-response-supplemental-comment-letter.pdf
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