Coin Bureau Insider

🔔 MARKET MOVING NEWS! (01/06/24) 1️⃣ Biden Vetoes Bill Overturning SAB 121, Says Standard 'Necessary' For Crypto Innovation ☄️ United States President Joe Biden has vetoed a bill that would have overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. The SAB 121 seeks to establish accounting standards for firms that custody crypto. Specifically, it directs financial institutions that custody crypto for customers to keep the assets on their own balance sheets. Critics of the guidance say it makes it too difficult for financial institutions to work with crypto companies. In a letter addressed to the U.S. House of Representatives, President Biden stated,

My Administration will not support measures that jeopardise the well-being of consumers and investors. Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation.

Source 2️⃣ Tether Invests $150M In Jihan Wu’s Crypto Mining Firm Bitdeer 💰 Jihan Wu’s crypto mining firm Bitdeer is reportedly raising new capital from stablecoin issuer Tether. The report states that Tether has entered into a subscription agreement with Bitdeer to purchase up to $150 million worth of its shares in a private placement. The private placement includes 18,587,360 Class A ordinary shares and a warrant to purchase up to 5,000,000 additional shares at $10.00 per share. Bitdeer has already generated $100 million in gross proceeds from the share issuance and has the potential to raise an additional $50 million if the warrant is fully exercised. It plans to use the proceeds to fund its data center expansion and development of ASIC-based mining rigs. Source 3️⃣ Bybit Confirms Executive Shake-Up After Notcoin Deposit Delays ❓ Crypto exchange Bybit has confirmed reports that several executives have "changed roles" after a botched Notcoin (NOT) launch resulted in $23 million in compensation being sent to 320,000 users. News outlet Wu Blockchain initially reported that several of the exchange’s executives "voluntarily resigned" and that it has recruited new technical and spot managers. Addressing the report, a Bybit spokesperson stated,

We are aware of the recent news regarding our executive movements. Bybit regularly updates its organisational structure to align with our strategic goals. Together with the team, we made a joint commitment to placing the right people in the right roles. We prioritised customer interests and conducted a thorough internal review to enhance the customer experience for the future. This improvement led to some leadership role changes, which we believe are essential. The affected team members are not leaving the company but moved to take up other internal roles.

Source 4️⃣ Japanese Exchange DMM Loses $305M In Bitcoin Via Private Key Hack 🥶 DMM Bitcoin, a Japanese cryptocurrency exchange, has reportedly lost 48 billion yen ($305 million) worth of BTC due to a hack of its servers on May 30. The exchange confirmed the hack on its website and stated that all user deposits “will be fully guaranteed.” Spot buys on the platform have been temporarily restricted and yen withdrawals may face delays. Notably, this is the second largest cryptocurrency hack in the region, with Coincheck being hacked for 58 billion yen in 2018. Sources 5️⃣ Franklin Templeton Reveals Ethereum ETF Fee ▶️ According to Franklin Templeton’s updated S-1 filing with the Securities and Exchange Commission (SEC) on Friday, the Franklin Ethereum ETF will only charge customers 0.19% per year for holding Ether in their fund. The fund has also promised to waive all sponsor fees on its first $10 billion for the first six months after the fund goes live. Source 6️⃣ ARK Invest Ends Partnership With 21Shares On Ether ETF ‼️

ARK Invest will no longer be a partner with 21Shares for a proposed spot Ethereum fund. 21Shares has filed an updated application for its Ethereum spot ETF S-1, rebranding the fund from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF. However, 21Shares and ARK will continue to work together on the ARK 21Shares Bitcoin ETF and other existing futures products. Source

🔔 MARKET MOVING NEWS! (31/05/24) 1️⃣ Terraform, Do Kwon Agree in Principle to Settle Fraud Case With SEC: Court Filing 🤝 According to a recent court filing, Terraform Labs and co-founder Do Kwon have reached a "settlement in principle" with the SEC regarding a fraud case. Notably, the settlement comes after the SEC sought a $5.3 billion penalty. The parties must file documentation in support of the settlement in front of Judge Jed S. Rakoff by June 12. However, Thursday's settlement news marks some resolution to just one of Do Kwon’s myriad legal battles. Kwon is currently out on bail in Montenegro and faces criminal charges in both the U.S. and South Korea. Source 2️⃣ New York Sets Customer Service Standards For Virtual Currency Entities ☄️ The New York State Department of Financial Services (DFS) has reportedly issued new guidance establishing customer service standards for DFS-regulated virtual currency entities (VCEs). Specifically, the new guidance requires cryptocurrency service providers to collect relevant data to assess whether they are resolving customer service requests and complaints in a timely and fair manner. This includes requirements such as having “Human customer service representatives” being available during business hours and customers being able to connect to voicemail during off hours. It also mandates that FAQs should be accessible to viewers who do not hold an account with the company. Customers should also be informed immediately if they are interacting with artificial intelligence rather than a human. Source 3️⃣ TRUMP Token Recovers From Nasty Dip After Donald Trump Guilty Verdict ▶️ TRUMP and other Donald Trump-linked memecoins experienced a fall in price yesterday after a jury found the former U.S. President guilty on 34 felony counts for falsifying business records. Specifically, the case, which will now move to sentencing, related to Trump concealing a hush money payment to adult entertainment star Stormy Daniels. However, the price of these tokens has since recovered after Trump made a statement maintaining his innocence and called the outcome of the trial a “disgrace.” Notably, he claimed the ruling was manipulated by the Biden administration “in order to wound or hurt a political opponent.” He also stated that the real trial is going to be “on November 5 by the people.” Source 4️⃣ Hong Kong Crypto Exchange Licence Applicants With Ties To Mainland China Withdraw From City 🔍 According to the website of Hong Kong’s Securities and Futures Commission (SFC), the local affiliates of major mainland China-linked crypto exchanges – including OKX, Gate.io, KuCoin, Binance and HTX (formerly Huobi) – have all withdrawn their applications for a virtual asset trading platform (VATP) licence in Hong Kong that were submitted over the past several months. The report cites “stringent regulatory requirements and an inability to serve mainland investors” as the reason for these global cryptocurrency exchanges exiting Hong Kong. Source 5️⃣ A16z Crypto Donates Additional $25 Million To Pro-Crypto Super PAC Fairshake 💰 Web3-focused crypto venture firm a16z Crypto has reportedly donated an additional $25 million to the pro-crypto federal super political action committee (PAC) Fairshake. Notably, the new contribution brings the firm's total donation to Fairshake "and related entities" to $47 million. Managing Partner Chris Dixon stated,

This contribution along with others from the industry will be used to further Fairshake’s mission of supporting candidates from both sides of the aisle to promote American entrepreneurs and recognize the need for clear rules of the road for digital assets. As an industry, we need to keep up the momentum and show that the U.S. can lead in creating the next wave of blockchain innovation.

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🔥 Rally Report 🔥 ARWEAVE The price of AR has rallied by 16% in the past 24 hours. WHY?! ‼️ AO Computer, a new network built on Arweave, has announced that it will launch its AO token on June 13. AO tokens will be fairly launched and can be minted by bridging to AO, holding AR, or building. ⚡️ The AO network is expected to create consistent demand for Arweave by serving as both a growth catalyst for Arweave and a new platform for app development. If you want to buy or trade AR, we have an exclusive $60K. COIN BUREAU DEALS.

🚨 New Video Alert!! 🚨 During the last bull market, SOL pulled a 50x despite having terrible tokenomics, and even worse optics. This time around, it seems that Sui has become the black sheep that could outrun its pale opponents. That’s because Sui has come under fire multiple times for issues related to tokenomics, so much so that South Korean authorities are investigating the Sui Foundation for alleged market manipulation. When you look beyond these hit pieces, however, you realise that Sui has some seriously cutting edge tech, and will soon be introducing bleeding edge hardware that could result in true mass adoption. This is an altcoin review you cannot miss!

🔔 MARKET MOVING NEWS! (30/05/24) 1️⃣ Elon Musk Could Become Policy Adviser If Trump Wins Election: WSJ 🤔 According to a Wall Street Journal report, former U.S. President Donald Trump is considering appointing billionaire Elon Musk as a policy adviser if the Republican presidential candidate reclaims the White House in November. The two have reportedly discussed ways for Musk to have "formal input and influence" over economic and border security policies. Musk also reportedly discussed funding a "data-driven project to prevent voter fraud." The WSJ report noted that the two speak on the phone "several times a month." Source 2️⃣ Gemini Earn Users Will Get Back $2.18 Billion Of Their Crypto In-Kind, Winklevoss-Owned Exchange Says 💸 In a recent statement. Gemini announced that its ‘Gemini Earn’ users will receive over $2 billion of their cryptocurrency back in-kind. Notably, this represents a 232% recovery and comes more than a year after withdrawals were halted in November 2022. Gemini Earn customers can expect to receive the rest of their “asset balance” within the next year. Cameron Winklevoss, co-founder and president of Gemini, stated,

We are thrilled that we have been able to achieve this recovery for our customers. We recognize the hardship caused by this lengthy process and appreciate our customers’ continued support and patience throughout.

Source 3️⃣ Mastercard’s ‘Crypto Credential’ Goes Live to Simplify Sending Bitcoin ⚡️ Mastercard has announced the launch of 'Mastercard Crypto Credential' - a peer-to-peer network for sending and receiving digital assets across borders. The network is currently in pilot mode and will serve users in Europe and Latin America. The platform supports transactions on Bit2Me, Lirium, and Mercado Bitcoin exchanges, enabling cross-border payments in countries like Brazil, Argentina, and France. Users of the P2P network will be able to send and receive crypto using a username instead of a wallet address. Source 4️⃣ U.S. Treasury Describes NFTs as 'Highly Susceptible to Use in Fraud and Scams' 🔍 The U.S. Treasury Department has released its first-ever risk assessment for NFTs and determined there are several potential risks. The potential risks identified include the potential for terrorists to finance operations through NFTs, state actors using NFTs to fund nuclear proliferation, money laundering, and the potential risks to investors who may experience theft, rug-pulls, or other forms of fraud. The Treasury found that NFT platforms lack appropriate controls to combat money laundering and sanctions evasion. The Treasury has recommended applying further regulations to NFTs and the platforms they are traded on to address these risks. Source 5️⃣ Ethereum ETF June Launch ‘Legit Possibility’ As Blackrock Files S-1 ☄️ Bloomberg ETF analysts James Seyffart and Eric Balchunas believe there is a “legit possibility” for spot Ether ETFs to launch in the United States by late June. Notably, the prediction comes after BlackRock updated a key filing necessary for launch. Specifically, BlackRock updated its Form S-1 for its iShares Ethereum Trust (ETHA) with the Securities and Exchange Commission nearly a week after the regulator approved its 19b-4 filing. Source 6️⃣ Singapore's Largest Bank DBS Is an Ether Whale With Nearly $650M in ETH: Nansen 💰 According to on-chain analytics firm Nansen, a crypto whale wallet holding 173,753 Ether (worth nearly $650 million) supposedly belongs to Singapore-based multinational banking and financial services company DBS Bank. Nansen estimates that the crypto wallet has already made a profit of $200 million from holding Ether. While DBS Bank has not yet confirmed if the ETH belongs to them, some speculate that it could be from DBS’ digital exchange for accredited investors. Source 7️⃣ Paypal’s New Stablecoin On Solana Will Offer ‘Confidential Transfers’ ‼️

In a Wednesday announcement, payments giant PayPal announced that it had deployed its PYUSD dollar-pegged stablecoin on Solana, stating that the move would bring "significant benefits for commerce use cases." PayPal noted that its PYUSD on Solana is minted using Solana's token extension feature, which means issuers can monitor & control who exactly is using the token. Another notable extension initialised for PYUSD is “confidential transfers,” which will allow merchants to “provide confidentiality for transaction amounts to their consumers while maintaining visibility for regulatory purposes.” Source

🔥 Rally Report 🔥 NOTCOIN The price of NOT has rallied by 33% in the past 24 hours. WHY?! 📈 The rally is part of a larger rally following Notcoin’s recent rollout of its beta phase currently accessible to only gold and platinum tier stakers of NOT. However, today’s rally appears to be propped up by NOT achieving the psychological price level of 1 cent. 🕯 Notably, more than 50% of NOT’s trading volume over the past 24 hours comes from crypto exchange Binance. Specifically, the NOT/USDT pair saw more than $555M in trading volume and the NOT/TRY pair saw $57M in trading volume on Binance. If you want to buy or trade NOT, we have an exclusive $60K. COIN BUREAU DEALS.