Should Coinbase Stop Complaining? 🙊

What’s Poppin’?

by Samyuktha Sriram

Are Crypto Exchanges Non-Compliant? Here’s How 2 Companies Manage Regulation

 Contrary to popular belief, two FINRA-approved digital asset firms say there is a clear path to being compliant with regulators.

Binance Names Richard Teng Head of All Regional Markets

Richard Teng will lead all of Binance’s operations in regional markets outside the U.S. amid heightened regulatory scrutiny on the crypto exchange.

Crypto Exchange BKEX Suspends Withdrawals to Assist Police

The crypto exchange plans to assist police with gathering evidence on platform users involved in money laundering.

New Pod Today!

These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler

“Lack of regulatory clarity” is the catchall complaint levied against U.S. regulators by most major players in the crypto industry. But the founders of Bosonic and Prometheum disagree. Both firms have spent years chasing the necessary regulatory approvals to compliantly trade digital assets, including those seen as securities.

Last week, Prometheum secured a potentially landmark approval to operate as a special purpose broker-dealer for digital asset securities. Prometheum co-founder Aaron Kaplan and Rosario Ingargiola, founder of Bosonic, which earlier secured a similar approval, discuss why big players like Coinbase need to quit carping in the court of public opinion and do the hard work of getting approved.

Daily Bits…✍️✍️✍️

• 🏛 Prosecutors maintain that the criminal charges against Sam Bankman-Fried, including technical and procedural issues relating to his extradition to the U.S., are valid, rejecting the defense's early May dismissal motions.

• 🔒 A 30% tax on cryptocurrency mining firms, the Digital Asset Mining Energy (DAME) excise tax, has reportedly been blocked by the U.S. debt ceiling agreement, as revealed by Congressman Warren Davidson.

• 🔄 Russia scrapped plans to establish a state-run cryptocurrency exchange, opting instead to set regulations for existing private crypto enterprises.

• 🔍 After an exploit resulting in a $580,000 loss, DeFi project Ede Finance conceded to price manipulation on its protocol, following claims made by the alleged white-hat attacker.

• ⛏ Bitcoin miners witnessed a surge in transaction fee revenue this May, reaching a two-year high, primarily due to the rise in Bitcoin NFTs.

• 📉 Amid the impending suspension of on-ramp services, Bitcoin's value on Binance Australia plummeted, resulting in a significant 18% discount compared to the average price on other exchanges.

• 💶 The European Central Bank (ECB) completed prototypes for a potential digital euro, paving the way for a decision on its development later this year.

• 🔓 The price of Optimism's OP token dropped by 7% as the Ethereum scaling protocol prepares to unlock tokens worth over $587 million, set to almost double the current circulating supply.

Today in Crypto Adoption...

• 📝 Huobi HK, which applied for a virtual asset exchange license, now offers crypto spot trading to both retail and institutional clients in Hong Kong.

What Do You Meme?

Learn 🤓

Bitcoin Mining Difficulty: A Beginner’s Guide

The Bitcoin mining difficult adjustment is an essential part of the Bitcoin mining process, contributing to various aspects that enable the Bitcoin network to function successfully.

📈 Your Market Update 📉

• BTC is up .4%, trading at $27,992

• ETH is up .7%, trading at $1,914

• BTC dominance: 44.64%

• Crypto market cap: $1.21 trillion

*All data as of today, 7:30 am ET

Recommended Reads

1. Blockmates on crvUSD

2. Superstructure on the wallet-centric customer experience stack

3. wassielawyer on the winning Celsius bid

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