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johnd • Aug 3, 2023, 1:57 pm EDT

Base Unleashed: Coinbase’s Layer-2 Blockchain Seeks to Transform Decentralized Applications

Coinbase, the largest publicly traded U.S. cryptocurrency exchange, has confirmed the forthcoming launch of Base, its layer-2 blockchain network, scheduled for public release on August 9. Built using the Optimism’s OP Stack, Base has been designed to offer a safe, cost-effective, and developer-friendly platform for creating on-chain applications. Base, an Ethereum Layer 2 (L2) chain, was cultivated within Coinbase, combining a decade’s worth of experience in building crypto products. The plan is to gradually decentralize the chain over time, with no current intentions to introduce a new network token. One of the major attributes of Base is that it is

3 minutes

arusso • Aug 3, 2023, 10:33 am EDT

Judge Rejects Ripple Precedent, Refuses to Dismiss Terraform Labs Lawsuit

In an unfortunate turn of events, Federal Judge Jed Rakoff of the U.S. District Court for the Southern District of New York, dismissed a motion to dismiss a lawsuit by Terraform Labs from the U.S. Securities and Exchange Commission (SEC). The case, alleges that Terraform Labs mislead investors about the nature of TerraUSD (UST), a stablecoin backed by the LUNA token, and potential securities law violations, has been stirring waves in the cryptocurrency world. At the heart of the lawsuit is Terraform Labs’ claim that there was no contract in the sale of UST to retail investors, and that the

3 minutes

arusso • Aug 2, 2023, 11:47 am EDT

Litecoin Marks Third ‘Halving,’ a Major Milestone for the Decade-Old Blockchain

In a significant development for the Litecoin blockchain, the platform has officially implemented its third ‘halving.’ This key event in the cryptocurrency’s life cycle reduces the rate of new issuance, effectively halving the predetermined reward miners receive for processing transactions and securing the network. The reduction occurred on Wednesday, around 15:06 UTC (11:06 am ET), at block height 2,520,000, according to litecoinspace.org. The so-called ‘block subsidy’ dropped from 12.5 litecoin (LTC) to 6.25 LTC, marking the network’s third halving since Litecoin’s inception in 2011. Litecoin, forked from Bitcoin in 2011, has earned its affectionate moniker of “digital silver” as a

2 minutes

carlp • Aug 2, 2023, 11:26 am EDT

Four Key Legislative Developments Reshaping Current Crypto Policy

August has been a busy month for crypto policy in Congress. Several key bills, many of which aim to regulate the growing field of cryptocurrency, have successfully moved past the committee stage and are now ripe for a floor vote. These proposed legislative moves signal a heightened governmental interest in digital currencies and their broader societal impacts. Prominently, the Financial Innovation and Technology for the 21st Century Act has made substantial strides. After passing through both the Financial Services and Agriculture committees, this bipartisan bill is setting the stage for a more digitally savvy America. Earlier drafts of the bill

3 minutes

arusso • Jul 21, 2023, 10:43 am EDT

US Justice Department Supercharges Crypto Crime Unit

In a decisive move to bolster its digital crime unit, the United States Department of Justice (DoJ) announced on Thursday, July 20 its strategy to fortify the National Cryptocurrency Enforcement Team (NCET), marking a significant expansion of resources in the fight against cryptocurrency-related offenses. The department plans to more than double the staff of its cryptocurrency crime division, established in 2021, merging it with the Computer Crime and Intellectual Property Section (CCIPS). Nicole Argentieri, a senior Justice Department official, made the announcement at the Center for Strategic and International Studies, emphasizing that the merger would extend the resource pool and

3 minutes

johnd • Jul 19, 2023, 4:13 pm EDT

Nasdaq Puts Crypto Custody Plans on Ice Amid Tightening U.S. Regulatory Climate

Nasdaq Inc. (NDAQ) has chosen to withdraw its plan to launch a cryptocurrency custody service due to the challenging regulatory climate in the United States, according to its CEO, Adena Friedman. In an earnings call on Wednesday, Friedman announced that the corporation, which had previously aimed to debut its crypto service in the second quarter of this year, has paused these plans. Nasdaq had previously revealed in September 2022 that it was in the process of developing the necessary infrastructure and regulatory approval to support its proposed crypto custody service. As part of its plan, the corporation had submitted an

3 minutes

johnd • Jul 17, 2023, 2:37 pm EDT

Democratizing Assets: How Tokenization Can Help Shape the Future of Industry

The essence of digital transformation has always been the act of breaking down traditional barriers and boundaries in search of more equitable, efficient systems. This principle has never been more pertinent than in the current rise of asset tokenization, a process of dividing ownership of physical or intangible assets into multiple shares, or ‘tokens’. Tokenization, underpinned by blockchain technology, presents an intriguing prospect for a vast array of industries, promising to overhaul conventional systems from real estate to franchising, renewable energy to Hollywood. As far back as 2019, the potential of asset tokenization was recognized by major entities like BNY

3 minutes

johnd • Jul 11, 2023, 3:03 pm EDT

The Shape of Crypto Regulation Across the Globe: An Evolving Landscape

South Korea Ushers in Comprehensive Crypto Legislation South Korea’s parliament has approved the country’s first comprehensive cryptocurrency law: the Virtual Asset User Protection Act. The legislation integrates 19 related bills and grants the Financial Services Commission (FSC) regulatory authority over cryptoasset operators and custodians. This bold step comes just over a year after the turbulent crash of the TerraUSD stablecoin and LUNA token, which led to increased calls for regulation. Under the Act, virtual asset service providers (VASPs) must implement controls and procedures to safeguard users’ assets. Key measures include segregating customer assets from the provider’s assets, mandatory cold wallet

3 minutes

carlp • Jul 11, 2023, 11:29 am EDT

Circle and Tether Freeze $65 Million Amid Ongoing Investigation into Multichain Exploit

Major stablecoin issuers, Circle and Tether, have frozen assets totaling over $65 million linked to a potential exploitation of the cross-chain router protocol, Multichain. The move is in response to the mysterious and significant outflows of more than $100M from the Multichain MPC bridge on July 6. As per 0xScope, the knowledge graph protocol, three recipient addresses, associated with at least $63.2 million in Circle’s USD Coin (USDC), are now under suspension. Concurrently, Fantom Foundation released a report confirming that Tether (USDT) also froze over $2.5 million from two addresses earmarked as “Multichain Suspicious Addresses” by Etherscan, a popular Ethereum

2 minutes

satoshin • Jul 6, 2023, 11:01 am EDT

The Fall of Celsius Network: Lessons from a Cryptocurrency Lender’s Bankruptcy

Investigators from the United States Commodity Futures Trading Commission (CFTC) have determined that Celsius Network, a now-defunct cryptocurrency lender, and its ex-CEO, Alex Mashinsky, broke U.S. regulations prior to the firm’s collapse, according to insiders. Should a majority of the CFTC’s commissioners agree with these findings, a case could be presented in federal court as early as this month. The confidential sources who revealed this news stated that attorneys from the CFTC’s enforcement unit discovered that Celsius misled its investors and should have registered with the CFTC. It is also alleged that Mashinsky himself violated regulations. Adding to Celsius’ regulatory

2 minutes