• Ethereum co-founder Vitalik Buterin recently stated that the platform needs three critical transitions to ensure its survival.
• The U.S. Department of Justice (DOJ) charged two Russians with laundering over 600,000 Bitcoin.
• Bitcoin is currently trading at a slight discount on Binance.US following the exchange’s announcement of its banking partners’ decision to halt USD payment channels on June 13, amidst ongoing regulatory troubles.
Ethereum Needs 3 Critical Transitions
Ethereum co-founder Vitalik Buterin recently stated that the platform needs three critical transitions to ensure its survival going forward. He noted that these transitions include the transition from proof-of-work to proof-of-stake, an increase in scalability and privacy, and a shift from Ethereum as a distributed computer to one more focused on smart contracts and decentralized finance applications.
U.S DOJ Charges Two Russians With Laundering Over 600k Bitcoin
The U.S Department of Justice (DOJ) recently charged two Russian nationals for allegedly laundering over 600,000 Bitcoin worth millions of dollars through cryptocurrency exchanges located around the world between 2016 and 2020. According to court documents filed by the DOJ, the defendants used false names and addresses while conducting transactions in order to conceal their identities from law enforcement officials and evade anti-money laundering regulations.
Bitcoin Trades At Slight Discount On Binance US
Bitcoin is currently trading at a slight discount on Binance US amid mounting regulatory woes. Kaiko reported that BTC traded at a premium on Binance US between June 6 and June 8 when rumors surfaced that it was processing faster BTC withdrawals but soon gave way for discount trades after the exchange said it was transitioning to a crypto-only platform due to its regulatory woes. Data from CryptoCompare further corroborate Kaiko’s report; according to them BTC is exchanging hands for over $26,670 across platforms like Bitfinex, Bitstamp, Coinbase, Kraken etc., while it trades at slightly lower price ($26649)onBinanceUSasofpresstime..
Coinbase CEO’s Stock Sale Raises Eyebrows Amid SEC Lawsuit
Coinbase CEO Brian Armstrong recently sold $1 million worth of his company’s stock in what some have called an “unusual move” given that Coinbase is currently facing an ongoing lawsuit with the U.S Securities Exchange Commission (SEC). While Armstrong has defended his decision as being motivated by philanthropic intentions rather than financial gain or personal interest, some have raised concerns about potential conflicts of interest given his role as both executive officer and shareholder within Coinbase Inc..
SEC’s Gensler Rejects ‚Regulatory Clarity‘ Arguments In Speech On Crypto Regulation
In a recent speech delivered at Princeton University about digital asset regulation in U.S., SEC chairman Gary Gensler rejected arguments presented by industry participants who have asked for more “regulatory clarity” regarding cryptocurrencies such as Bitcoin (BTC). Gensler reiterated his stance that many digital assets are securities under existing law despite calls for additional guidance from members of Congress such as Rep Brad Sherman (D–CA).