Crypto News Weekly roundup June 5

This week, the crypto market has been showing stagnant behavior, with the cryptocurrencies recording really low trading volumes due to boredom among traders. We at TheCoinRise summarize the crypto market for this week, ranging from regulatory involvement to increasing adoption.

Regulatory involvement in the crypto industry

Several South Korean officials have started investigations into the Terra Blockchain technology, as well as the LUNA and UST coins that were associated with it. The Seoul Southern District Prosecutor’s Office’s joint financial and securities criminal investigation team is the most recent of these efforts, with reports that Terraform Labs employees had been summoned for questioning.

Gemini crypto exchange has been charged by the Commodity Futures Trading Commission (CFTC) for a Bitcoin Futures case dated back to 2017. The commission was deceived by the trading platform when it asked for further information about the Futures product the exchange planned to launch in collaboration with the Chicago Board of Mercantile Exchange (CBOE).

Shenzhen, Guangzhou, and Xiong’an New Area have all made public announcements that they will be releasing free digital yuan “red pockets.” The free offer is primarily intended to encourage local consumption in the face of China’s economy’s slowing expansion, which has been spurred by mass COVID lockdowns.

The Financial Planning Standards Board (FPSB), the global organization that awards the Certified Financial Planner designation, released a statement this week about the need to strengthen crypto rules across the board to protect investors.

The Bitfinex attack, which sent shivers down many people’s spines in 2016, is back in the news as the “Crocodile of Wall Street” couple is reportedly found negotiating a possible plea agreement. According to the latest developments in the case, the two were summoned to appear in federal court on Friday, June 3, but federal prosecutors have requested that the hearing be postponed until August 2, citing a need for more time to sort through the couple’s extensive financial records and pursue a plea deal with them.

Insider trading charges have been filed against Nathaniel Chastain, the former Head of Product at OpenSea, the world’s largest NFT trading platform. Damian Williams, the U.S. Attorney for the Southern District of New York, and Michael J. Driscoll, Assistant Director-in-Charge of the Federal Bureau of Investigation’s New York Field Office, conducted the arraignment.

The Reserve Bank of India (RBI) intends to implement its CBDC plans in a graded manner, according to the country’s monetary policy. Last week, India’s central bank presented its Annual Report 2021-22, which stated that the country “proposes to adopt a graded approach to the introduction of CBDC, going step by step through stages of Proof of Concept, pilots, and the launch.”

El Salvador, the world’s first government to accept bitcoin as legal tender, is still struggling to issue the much-anticipated Bitcoin bonds due to a severe market downturn, according to the country’s Finance Minister.

Japan has passed a bill to regulate stablecoins with the goal of ensuring investors’ safety in the event of unexpected incidents due to the insecurity of stablecoins. Stablecoins now have the legal status of digital money, which means they can only be produced by licensed banks, registered money transfer agents, and trust companies, according to the bill.

Partnerships, launches, fundings, and future plans

Merge, a Web3.0 payment infrastructure services provider has garnered $9.5 million in a seed funding round. It aims to develop payment technologies that will help bridge the gap between traditional businesses and the cryptocurrency ecosystem.

DeFi protocol and automated market maker, Balancer has gone live on Optimism, Ethereum’s layer-2 scaling solution, in a move designed to improve user functionality by improving scalability and cutting fees.

The Nasdaq-listed Bitcoin mining company Riot Blockchain has released its May mining update, disclosing, among other things, that it offloaded as many as 250 BTC, generating a net profit of almost $7.5 million.

Crypto exchange news

The American global investment bank and financial services firm Goldman Sachs is reportedly partnering with FTX to possibly merge the exchange’s U.S. branch’s various derivatives operations.

One of the most popular crypto exchange platforms, KuCoin, has introduced a new decentralized wallet service in order to provide a more smooth experience for consumers who want to access the realm of decentralized finance (DeFi). The new wallet’s website is currently live, and the dedicated app will be released later this month, according to the trading platform.

Crypto exchange Binance’s venture capital (VC) arm, Binance Labs, has announced the formation of a $500 million investment fund in order to expand its Web3.0 engagements. DST Global Partners and Breyer Capital are among the global investment firms that have joined in drawing the funds, according to the VC arm, which also serves as an incubator. During a recent interview, Binance founder CZ explained that he holds no fiat and only owns crypto and that it is the sole asset he uses for everyday purchases.

In reaction to the rising realities in the digital currency ecosystem, the crypto exchange giant Gemini has taken the hard but drastic move of laying off up to 10% of its workers. Despite the layoffs, Tyler and Cameron Winklevoss emphasized that their employees are the most significant component of the company because their efforts are recognized and have contributed to the trading platform’s overall growth.

Are institutions ready to pounce on Spot Bitcoin ETF?

The Chief Executive Officer of SkyBridge Capital, Anthony Scaramucci, is hopeful about institutional investors’ acceptance of a spot Bitcoin Exchange Traded Fund (ETF). Scaramucci expressed his stance on The Scoop, a podcast event hosted by The Block, where he stated that he knows a number of companies that are eager to invest in the product.

Women Empowerment in the crypto industry?

Last week, on the Wolf of All Streets YouTube show, Tim Draper, a well-known billionaire investor, said that women may be key to bringing the largest cryptocurrency by market cap (BTC) up to $250,000.

Justin Sun learning from Do Kwon

Justin Sun, the founder of the renowned decentralized, open-source blockchain-based operating system Tron, authored a blog post about the lessons he learned from the recent LUNA/UST model collapse as Tron announced the launch of its own stablecoin USDD. He argues that the key to preserving any stablecoin peg is over-collateralization and that a high yield pitched as an incentive is ultimately unsustainable.

The crypto business will be saved by venture capitals

The continued influx of Venture Capital money into the digital currency ecosystem, despite the dismal outlook of the Terra collapse, is a favorable indicator, according to a research paper shared with investors by analysts from JPMorgan Chase.

Exclusive reviews and announcements

CryptoRanker has recently launched its first crypto-centric crowd ranker and review forum. The project employs crowd wisdom to identify shitcoins, asking holders to offer their expertise and experiences in order to help the crypto sector self-regulate. The free web platform includes a robust review forum as well as a ranker that ranks thousands of cryptocurrencies based on five key metrics.

Beginners interested in alternative currencies (altcoins) may now buy them with a credit card using ProBit Global’s buy crypto with a credit card option. The newly added stablecoin DAI allows investors looking for a more risk-off asset the option to rotate a proportion of their holdings to secure and more quickly deployable assets.

ChangeHero: It is a non-custodial crypto exchange platform that offers quick transfers and a large selection of coins to trade. The exchange, which was founded in 2018, handles transactions in an anonymous manner and does not need users to register or expose their identities to any centralized body.

ChangeNOW: It is a non-custodial cryptocurrency exchange that does not require users to register in order to take advantage of the platform’s over 350 crypto tokens. TheCoinRise discussed many aspects of the projects, including functionality and uniqueness, in this post.

TheCoinRise will be back with another week of crypto roundup next Weekend.