Sam Bankman-Fried’s lawyers plan to argue that their client was acting on the advice of a Silicon Valley law firm with regards to many of the fraud charges against him.
Jai Massari: “This week’s episode of Unchained is a must for those interested in crypto markets and the SEC’s approach to regulation. But best not to take everything said during the discussion as correct on the law.”
Cathy Yoon: “I feel like this is taking a “we are holier than thou” approach. And just b/c the SEC/FINRA let you through, it doesn’t mean your solution itself is good in the regulator’s eyes. It just means you went through the hoops in a way that allows regulators to check all the boxes”
🚫 Citing the prevalent use of cryptocurrency in the Chinese fentanyl trade, U.S. Sen. Elizabeth Warren called for legislation to cut off this financial pipeline.
🔄 Bankruptcy claims exchange OPNX launched a new governance token, "Open Exchange token" (OX), causing a 16% rise in the value of its existing token, FLEX, which can be converted to OX at a 1:100 ratio.
💼 Cowen Digital, the digital asset division of investment bank Cowen, announced its closure, while indicating a continuation of its mission in a different setting.
📈 Crypto exchange Kraken reported a 25% rise in Canadian customer deposits and a fivefold increase in app downloads after competing exchanges Binance and OKX announced their withdrawals from the country.
🏠 MoonPay CEO Ivan Soto-Wright and other shareholders reportedly made $150 million in a secondary transaction during the firm's Series A fundraising round, weeks before Soto-Wright purchased a $38 million mansion in Miami.
🐞 A vulnerability in Tron's multisig accounts that potentially endangered $500 million was fixed, after being discovered by cybersecurity research team 0d at dWallet Labs.
🔒Due to regulatory concerns, Cumberland, a crypto trading company, decided to cease over-the-counter trading of Filecoin's token starting on June 1.
👮♀️ Trust Reserve's main team, issuer of two stablecoins, was reportedly detained by Chinese law enforcement on May 29, leading to a sudden loss of contact.
Today in Crypto Adoption...
🖋️ The European Union officially enacted the groundbreaking Markets in Crypto Assets (MiCA) regulation, moving toward becoming the first significant jurisdiction with bespoke cryptocurrency regulations.
💼 Exchange Crypto.com (disclosure: sponsor of Unchained), obtained its Major Payment Institution license for Digital Payment Token services in Singapore from the Monetary Authority of Singapore.
The $$$ Corner…
💰 StepStone VC, the venture capital division of StepStone Group, raised a total of $96.54 million for two blockchain-focused private equity funds, according to SEC filings.
💸 PayPal Ventures spearheaded a $52 million investment round in Magic, a digital wallet provider facilitating companies' transition to web3, bringing its total funding to over $80 million.
🧑💻 Anoma Foundation, a Swiss blockchain technology non-profit, secured $25 million in its third fundraising round, led by CMCC Global, for enhancing Anoma architecture and fostering strategic partnerships.
🎯 Tribe Capital, a venture capital firm with $1.6 billion in managed assets, is reportedly aiming to raise $100 million for a new crypto fund targeting early-stage investments in blockchain and DeFi projects.
🎙️ Behind-the-scenes interviews, in which I talk with crypto experts and entrepreneurs to learn all about the latest developments in the industry.
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