SEC chair implies crypto exchanges may not be ‘qualified custodians’ as new rule is drafted

[ad_1] United States Securities and Exchange Commission Chair Gary Gensler spoke at a meeting of the commission’s Investor Advisory Committee on March 2 on the topic of asset custody. The committee has a proposed rule for investment advisers on safeguarding investor assets. It was the second statement Gensler has made on the proposed rule. The first was in mid-February when the rule was first proposed.The current custody rule, dating to

UK banks HSBC, Nationwide to ban crypto purchases with credit cards: Report

[ad_1] United Kingdom babanks HSBC Holdings and Nationwide Building Society are banning cryptocurrency purchases via credit cards for retail customers. They join a growing list of banks in the country to tighten restrictions on digital assets. A Bloomberg report on March 2 claims the step back is a response to warnings by UK regulators and scandals surrounding the crypto industry. Nationwide is reportedly applying daily limits of £5,000 ($5,965) on debit-card

Sen. Elizabeth Warren and colleagues demand to see Binance’s balance sheets

[ad_1] Three United States senators led by Elizabeth Warren have sent a letter to Binance CEO Changpeng Zhao (CZ) and Binance.US CEO Brian Shroder expressing concern over a number of facets of Binance’s activities and requesting information from the companies that includes their balance sheets. Crypto skeptic Warren’s cosigners were fellow Democrat Chris Van Hollen and Republican Roger Marshall. They claimed there is evidence that the companies attempted to evade U.S.

Bitcoin leverage ramps up as BTC’s margin long-to-shorts ratio hits a record $2.5B high

[ad_1] Crypto traders' urge to create leverage positions with Bitcoin (BTC) appears irresistible to many people, but it's impossible to know if these traders are extreme risk-takers or savvy market makers hedging their positions. The need to maintain hedges holds even if traders rely on leverage merely to reduce their counterparty exposure by maintaining a collateral deposit and the bulk of their position on cold wallets.Not all leverage is recklessRegardless

US lawmaker behind crypto mining legislation urges Zuck not to offer metaverse to teenagers

[ad_1] Two United States senators have penned a letter asking Meta CEO Mark Zuckerberg to halt a plan to allow young adults to access the firm’s metaverse platform, Horizon Worlds.In a March 1 letter, Senators Edward Markey and Richard Blumenthal said that Meta’s reported plan to “invite young users into a digital space rife with potential harms” should not be implemented if the strategy was driven by profit. According to

Russian bank issues first on-chain bank guarantee in Chinese yuan

[ad_1] Moscow Credit Bank has issued a blockchain-based bank guarantee denominated in Chinese currency, claiming the product is the first in the country. The bank guarantee exceeds 100 million Chinese yuan — or nearly $144,600 USD at time of publication. According to a statement, the transaction was performed through the Masterchain blockchain platform, andthe Russian national blockchain network created to transfer digital assets​ between its participants. As one of the advantages

US Treasury-led CBDC Working Group looking at technical issues, national interest

[ad_1] The United States Treasury Department is continuing to consider design decisions relating to the introduction of a central bank digital currency. Under Secretary for Domestic Finance Nellie Liang gave an audience at the Atlantic Council a rundown on March 1 of technical and policy issues the Treasury-led CBDC Working Group is looking at.Liang looked at both wholesale and retail CBDC (wCBDC and rCBDC), saying wCBDC raised more technical questions,

NEAR protocol releases blockchain operating system for Web3

[ad_1] The decentralized application (DApp) NEAR protocol is releasing a new blockchain operating system, focusing on improving user experience on Web3 through a common layer for browsing and discovering open web resources, the company disclosed at the Web3 and innovation festival ETHDenver 2023.In an interview with Cointelegraph's Turner Wright during the event, NEAR co-founder Illia Polosukhin spoke on how the ecosystem is moving closer to user's needs and the release

Circle, Paxos, Bitstamp and Galaxy join Coinbase in scaling back partnerships with Silvergate Bank

[ad_1] Several crypto firms have announced they will scale back or outright terminate their relationship with Silvergate Bank following an announced investigation into its alleged involvement in the FTX collapse.Amid news that crypto exchange Coinbase would no longer accept or initiate payments with Silvergate, companies including stablecoin issuers Paxos and Circle and Mike Novogratz's Galaxy Digital have announced similar actions regarding their partnerships with the crypto bank. Galaxy Digital announced

Proposed South Dakota amendment to UCC would prohibit cryptocurrencies, but not CBDC

[ad_1] Legislation has been introduced in the American state of South Dakota to amend the Uniform Commercial Code (UCC) to limit the definition of money to exclude cryptocurrencies. Central bank digital currencies (CBDC) would still be considered money under the proposed new definition. The 117-page amendment, introduced into the state house of representatives by Republican Mike Stevens, defines “money” as “a medium of exchange that is currently authorized or adopted by