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Crypto Evening Briefing: US Loses Crypto Market Share In Q1 2023 Amid US SEC-Led Crackdown

US-based crypto exchanges lost market share in the 2023 Q1 as trading volumes continue to fall amid the crypto crackdown.
Crypto Evening Briefing: US Loses Crypto Market Share In Q1 2023 Amid US SEC-Led Crackdown

South African Mirror Trading's CEO Fined $3.4B by U.S. in Bitcoin Forex Fraud Case

The head of bitcoin pool operator Mirror Trading International (MTI), Cornelius Johannes Steynberg, has been ordered by a US court to pay $3.4 billion in restitution and penalties, the highest civil monetary penalty ordered in any case brought by the Commodities Futures Trading Commission (CFTC). The regulator charged Steynberg with fraud in June 2022, alleging that he accepted BTC valued at more than $1.7 billion from 23,000 Americans for running an unlicensed commodity pool scheme. MTI is undergoing liquidation in South Africa, and Steynberg is a fugitive from South African law enforcement detained in Brazil since December 2021. The order finds MTI liable for fraud and failure to comply with CPO regulations.

Former CFTC Chair Timothy Massad Among Witnesses for House Crypto Hearing

The House Subcommittee on Commodity Markets, Digital Assets, and Rural Development has provided the witness list for Thursday's hearing examining regulatory holes in crypto spot market regulations.

Ex-CFTC Head Says Regulators Can Engage With Crypto 'If They Have the Will to Do So'

Chris Giancarlo, the former senior U.S. markets cop known as "Crypto Dad," appeared to criticize his successors in Washington as they crack down on the cryptocurrency industry.

CFTC Official Says Anonymity in Crypto Is a National Security Risk

CFTC commissioner Christy Goldsmith Romero believes the prevalent anonymity in crypto is a national security risk as it allows criminals to use digital assets for illicit purposes。

CFTC Commissioner Says There Is No ’Immediate Path Forward” With Binance

CFTC Commissioner Kristin Johnson said: “We’ve been in continuing conversations with [Binance] to … give them an opportunity to explain that conduct and to help us find a path forward.”

Crypto Evening Briefing: S Korean MPs to Create Law that Distinguishes CBDCs from Crypto

South Korea is reportedly moving closer to launching a central bank digital currency (CBDC), with a new draft law set to create legal terminology for CBDCs.
Crypto Evening Briefing: S Korean MPs to Create Law that Distinguishes CBDCs from Crypto

CFTC Proposes Reducing Anonymity to Manage Risks

The commissioner of the Commodity Futures Trading Commission (CFTC), Christy Goldsmith Romero, has proposed reducing the anonymity of cryptocurrencies as a means of managing the risks associated with digital assets. The statement was made during the keynote speech on Illicit Finance and Other Key Risks of Digital Finance at City Week 2023 in London on April 25.

Crypto Native Payroll Processor Rise Works Closes Seed Round Led by Sino Global Capital and Polymorphic Capital

Crypto-native payroll processor Rise Works has closed its seed round, co-led by Sino Global Capital and Polymorphic Capital, and featuring investors such as Draper Associates and Hashkey Capital. Rise Works offers a "web3-enabled payroll & compliance solution" for decentralized organizations, including crypto staking specialist Lido.

The Shanghai Upgrade Could Spark Decentralization In Staking As Big Guns Are Forced To Step Back

The recently implemented Shanghai upgrade in the Ethereum blockchain allows validators to access their staked assets and rewards. However, the SEC and CFTC are increasing their scrutiny of the staking arm of digital asset companies, leading to concerns about centralization. Over 30% of staked ETH is facilitated by exchanges, but regulatory actions against Kraken, Coinbase, and Binance regarding their staking activities have raised concerns. Some commentators argue that the SEC's actions are attempting to make staking completely decentralized, where users deal directly with the protocols without staking pools.